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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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Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- The University of Queensland
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
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