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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, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
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- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
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