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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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Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Australian Coal Association
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
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