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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, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
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