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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
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