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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Australian Coal Association
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
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