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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
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- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
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