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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Australian Coal Association
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
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