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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Economic Council, Georgia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Cement Manufacturers Association - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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