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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
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