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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- PTC India Limited - India
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- Semirara Mining and Power Corporation, Philippines
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- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Economic Council, Georgia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
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