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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Central Java Power - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- The University of Queensland
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
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