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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, 14 November 17
COAL STOCKS RUN SHORT, CENTRE TO GET DAILY UPDATE ON STOCKS - DECCAN CHRONICLE
Facing a shortage of coal for thermal power generation in the country, the Central Electricity Authority (CEA) has issued guidelines for maintainin ...
Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the hi ...
Monday, 13 November 17
THERMAL COAL PRICES WERE RELATIVELY UNCHANGED - DANIEL HYNES
Coal prices were broadly higher, driven by strong gains in the metallurgical coal market said Daniel Hynes, Senior Commodity Strategist at ANZ in h ...
Monday, 13 November 17
THIESS AWARDED $300M SANGATTA EXPANSION CONTRACT
Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at Sangatta coal mine in East Kalimantan, Indonesia ...
Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
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Showing 1881 to 1885 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
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