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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, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
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Showing 941 to 945 news of total 6871 |
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- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- The University of Queensland
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
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