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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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Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
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- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
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