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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
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