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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, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
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