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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, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Mercator Lines Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
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