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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- White Energy Company Limited
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Economic Council, Georgia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
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