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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Minerals Council of Australia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
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