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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, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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Showing 776 to 780 news of total 6871 |
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- Indonesian Coal Mining Association
- Economic Council, Georgia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- MS Steel International - UAE
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
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