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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, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
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