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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
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