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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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Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
Tuesday, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
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Showing 1896 to 1900 news of total 6871 |
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- Bhatia International Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Central Electricity Authority - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
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