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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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Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
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