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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- PTC India Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
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