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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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Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
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