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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Planning Commission, India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
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