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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
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