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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
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- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
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- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
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- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
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- Edison Trading Spa - Italy
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- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Australian Coal Association
- CNBM International Corporation - China
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- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
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- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
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- Tamil Nadu electricity Board
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- Georgia Ports Authority, United States
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