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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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Wednesday, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
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Showing 1871 to 1875 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
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