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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- White Energy Company Limited
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- CNBM International Corporation - China
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