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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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Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
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