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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, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
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