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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, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
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