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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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Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Australian Coal Association
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Planning Commission, India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
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