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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, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Thursday, 01 February 18
RISING US OIL EXPORTS, MARKET DISRUPTION, BRENT-WTI SPREAD - WOOD MACKENZIE
What will US tight oil growth do to crude markets? The build-up in volumes early this decade led to a supply glut that undermined prices in 2014.
...
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Showing 1816 to 1820 news of total 6871 |
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- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
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