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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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Tuesday, 15 April 14
NEWCASTLE SHIPPED MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 14 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 14 April 14
SUB-BIT FOB INDO COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT US$ 60.12 PER MT
COALspot.com: Indonesian coal swaps for average Q4’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 14 April 14
INDONESIA'S Q1 COAL PRODUCTION LITTLE CHANGED EVEN WITH PRICE DROP - INVESTOR DAILY
Indonesia’s coal production by volume in the first quarter remained little changed from the same period last year despite the decline in t ...
Monday, 14 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAIN FOR THE MONTH & WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 4.61 percent month on month and closed at US$ 76.18 per mt as ...
Monday, 14 April 14
CHINA'S MEASURES TO STIMULATE ECONOMY'S GROWTH COULD OFFER ROOM FOR STABILITY IN SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Since the outbreak of the 2008-crisis, the shipping industry, in most of its aspects, i.e. dry bulk and tanker markets alike, has been dealing w ...
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- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- VISA Power Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Australian Coal Association
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
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