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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- PTC India Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
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