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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, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
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