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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, 05 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
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Showing 1861 to 1865 news of total 6871 |
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- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
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