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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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Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Australian Coal Association
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
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