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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, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1026 to 1030 news of total 6871 |
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- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
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