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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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Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Australian Coal Association
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
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