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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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Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 19 May 14
API 8 CFR SOUTH CHINA COAL LOST 2.49% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.49 percent month on month and closed at US$ 74.35 per mt as on F ...
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- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- The University of Queensland
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
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