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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, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- The University of Queensland
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
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