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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, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
Monday, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
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- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
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