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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, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
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- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- PTC India Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
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