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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
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