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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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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
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- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Planning Commission, India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Commonwealth Bank - Australia
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