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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, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
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