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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
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