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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, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Ministry of Mines - Canada
- The University of Queensland
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Economic Council, Georgia
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