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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
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