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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, 21 December 17
SUPRAMAX: IN THE MOST CHANCE, DO NOT EXPECT ANY DRAMATIC CHANGES IN THE NEAR FUTURE - FEARNLEYS
Supramax
Market reducing speed. Rates are dropping further for supras outbound USG on fronth, bkhaul is more stable i.e $25k/22k respectively say ...
Wednesday, 20 December 17
INDONESIAN HBA FELL FOR THE FIRST TIME IN SIX MONTHS, GOVERNMENT DATA SHOWS
COALspot.com: HBA fell 0.80 per cent in December, marking the first fall for the Indonesian Coal Price Reference ( HBA) since June 2017, the latest ...
Monday, 18 December 17
U.S. COAL EXPORTS FOR THE FIRST THREE QUARTERS OF 2017 WERE 69 MMST; UP 68% M/M - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million sho ...
Thursday, 14 December 17
SUPRAMAX: INDO COAL TO CHINA AROUND LOW $10K DELIVERY SINGAPORE
Supramax
Atlantic basin kept its firm pace with charters still busy with covering pre-holiday requirements. Ultras got close to $20k for ordinary ...
Wednesday, 13 December 17
REFINED COAL HAS MADE UP NEARLY ONE-FIFTH OF COAL-FIRED POWER GENERATION SO FAR IN 2017 - EIA
The U.S. power sector consumption of coal is increasingly shifting to refined coal, even as coal-fired electricity generation decreases. Use of ref ...
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Showing 1846 to 1850 news of total 6871 |
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- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- MS Steel International - UAE
- PTC India Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- ASAPP Information Group - India
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