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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- White Energy Company Limited
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
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