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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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Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- PTC India Limited - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
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