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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- PTC India Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Australian Coal Association
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Mjunction Services Limited - India
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