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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Planning Commission, India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
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