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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, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
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- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
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