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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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Thursday, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
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- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
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