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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, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- PTC India Limited - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Bhatia International Limited - India
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