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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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Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
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- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Parliament of New Zealand
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
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