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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, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
Monday, 05 May 14
HUANENG CLEAN ENERGY RESEARCH INSTITUTE HAS CONFIRMED TO SPEAK AT CCF2014
Press Release: Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite ...
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- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
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