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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Australian Coal Association
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
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