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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
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