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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, 14 October 19
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Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
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Showing 1316 to 1320 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
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