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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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Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- The University of Queensland
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
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