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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- PTC India Limited - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
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