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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, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- The University of Queensland
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
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