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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, 29 May 14
PEABODY ENERGY CHAIRMAN RECEIVES WCA AWARD
The World Coal Association has presented Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy (NYSE: BTU), with the 2014 Chairm ...
Thursday, 29 May 14
HANDY : THE SUPRAS ARE BEING TRADED AROUND 13K FOR SHORTER UPTO 1 YEAR PERIOD
Handy
The week started off with bank holidays in London and very little happening. This trend has continued and we believe it will continue into ...
Wednesday, 28 May 14
THE DRY BULK MARKET REMAINED UNDER PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market remained under pressure during this past week, with all indices pointing down compared to the previous Friday. Th ...
Tuesday, 27 May 14
PORT OF NEWCASTLE SHIPPED 19.13% LESS COAL THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 26 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Monday, 26 May 14
SUB-BIT FOB INDO COAL SWAP Q1' 15 DELIVERIES CLOSED AT US$ 59.40 PER MT
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 ...
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- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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