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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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Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
Wednesday, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
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- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
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