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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Goldman Sachs - Singapore
- VISA Power Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
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