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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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Showing 906 to 910 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- McConnell Dowell - Australia
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