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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
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- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- SMC Global Power, Philippines
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- White Energy Company Limited
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
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