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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- White Energy Company Limited
- MS Steel International - UAE
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
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