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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Planning Commission, India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- The University of Queensland
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
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