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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- SMC Global Power, Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- MS Steel International - UAE
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
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