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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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Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
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- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
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