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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, 11 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
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