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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, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- Coal and Oil Company - UAE
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- Banpu Public Company Limited - Thailand
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- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
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- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
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- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
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- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
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- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
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