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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
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