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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, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
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- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
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