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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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Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
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- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Parliament of New Zealand
- Economic Council, Georgia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
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