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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, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- The University of Queensland
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
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