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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- The University of Queensland
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- White Energy Company Limited
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Economic Council, Georgia
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