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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- PTC India Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- VISA Power Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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