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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, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
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Showing 1706 to 1710 news of total 6871 |
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- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
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