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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
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- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
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- The State Trading Corporation of India Ltd
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- SMC Global Power, Philippines
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- Sical Logistics Limited - India
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- Medco Energi Mining Internasional
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- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
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- PTC India Limited - India
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- IEA Clean Coal Centre - UK
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