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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, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
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- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- PTC India Limited - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
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- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
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- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Australian Coal Association
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
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- Tamil Nadu electricity Board
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- Electricity Generating Authority of Thailand
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
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