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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
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