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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
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