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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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Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
Friday, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
...
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Showing 1646 to 1650 news of total 6871 |
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- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
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