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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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Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
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