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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, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
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- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
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