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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 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 ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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Showing 1071 to 1075 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Planning Commission, India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
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