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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- White Energy Company Limited
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
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