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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, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
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