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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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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Rashtriya Ispat Nigam Limited - India
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- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
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- Indian Oil Corporation Limited
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- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- White Energy Company Limited
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
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- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
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- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
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