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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
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