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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
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