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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, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
Sunday, 29 December 19
AUSTRALIA SUFFERS WORST OF CHINA'S COAL CURBS AFTER EARLIER BOOM - BLOOMBERG
Australia is bearing the brunt of China’s year-end coal import restrictions, ceding market share to other exporters including Russia and Mong ...
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Showing 1216 to 1220 news of total 6871 |
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- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- The University of Queensland
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
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