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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, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
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