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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
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