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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- White Energy Company Limited
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- VISA Power Limited - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
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