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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, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- SMC Global Power, Philippines
- Australian Coal Association
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Aditya Birla Group - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- CNBM International Corporation - China
- ASAPP Information Group - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
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