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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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Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
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- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- White Energy Company Limited
- Wilmar Investment Holdings
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