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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, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Planning Commission, India
- White Energy Company Limited
- Indika Energy - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
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