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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- The University of Queensland
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
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