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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Indika Energy - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
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