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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
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