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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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Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
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- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
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