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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
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