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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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
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