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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Jaiprakash Power Ventures ltd
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- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
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