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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, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Australian Coal Association
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
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