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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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Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
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Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
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- Parliament of New Zealand
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- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
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- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
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- Power Finance Corporation Ltd., India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Australian Coal Association
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- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
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- Singapore Mercantile Exchange
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- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
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- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
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- Port Waratah Coal Services - Australia
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- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
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- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
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- Bhoruka Overseas - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
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- White Energy Company Limited
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
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- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
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- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
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- GAC Shipping (India) Pvt Ltd
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- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
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- The University of Queensland
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
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