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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, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Minerals Council of Australia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
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