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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
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Showing 1801 to 1805 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
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