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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, 25 April 14
2ND MYANMAR ELECTRIC POWER CONVENTION 2014 IS THE GATEWAY TO MYANMAR POWER INDUSTRY!
Press Release: 2nd Myanmar Electric Power Convention (MEPC) 2014 is scheduled on 21-23 October, 2014 at Traders Hotel in Yangon, Myanmar. MEPC o ...
Friday, 25 April 14
DRY BULK MARKET LOOKING FOR NEW TRACTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market seems to have gained its footing after the past few dissapointing weeks, during which the Baltic Dry Index (BDI) shedded mos ...
Thursday, 24 April 14
HANDY : A FLOW OF FRESH REQUIREMENTS LIFTING THE PACIFIC SLOWLY TO US$ 10-11 K BSS SINGAPORE FOR COAL ROUNDS
Handy
There is still no place to hide in the Atlantic for the smaller but flexible sizes. Slow and weak seems to be the headlines, although th ...
Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immed ...
Wednesday, 23 April 14
KOMIPO INVITES BIDS FOR LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 90,000 Metric Tons (MT) of low volatile bit ...
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- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- PowerSource Philippines DevCo
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
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