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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
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