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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Anglo American - United Kingdom
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