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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
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