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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Trasteel International SA, Italy
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- The University of Queensland
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
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