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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
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