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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
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- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
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- Trasteel International SA, Italy
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- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
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- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
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- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
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- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
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