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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- The University of Queensland
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
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