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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, 24 May 18
SUPRAS FIXING AROUND USD 15000 FOR INDO TO CHINA COAL TRIPS - FEARNLEYS
Capesize
Both the physical and the paper market have dropped sharply the last couple of days on the back of a lack of fresh cargoes and a growing ...
Thursday, 24 May 18
FITCH: FALLING COAL INVESTMENT TO SUPPORT ASIAN PRICES
Press Release: The long-term outlook for the Asian thermal coal prices is improving, amid rising regional demand and falling mining investment, whi ...
Thursday, 24 May 18
BEIJING ORDERS UTILITIES, MINERS TO HELP COOL RED-HOT COAL MARKET: SOURCES - REUTERS
China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with ...
Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. ...
Friday, 18 May 18
AFTER COAL, INDONESIAN GOVERNMENT PUSHES DMO ON GAS FOR ELECTRICITY
After introducing its domestic market obligation (DMO) policy for coal on March 12, the government is going forward with its plan to introduce a DM ...
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Showing 1716 to 1720 news of total 6871 |
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- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
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