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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Marubeni Corporation - India
- The University of Queensland
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
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