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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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Thursday, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Star Paper Mills Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
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