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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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Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- The University of Queensland
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
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