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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Mercator Lines Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Australian Coal Association
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
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