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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- MS Steel International - UAE
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
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