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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Minerals Council of Australia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
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