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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
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