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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, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
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