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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, 17 October 17
U.S RECORD EXPORTS OIL TO EAST HAS HELPED THE TANKER TRADE - GEORGE LAZARIDIS
There was a flood of fresh news this week which clouded the overall prospects of the crude oil market. Just one week prior Saudi Arabia and Russia, ...
Monday, 16 October 17
INDONESIA TO INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Friday, 13 October 17
INDIKA ENERGY SIGNS SHARE PURCHASE AGREEMENTS FOR AN ADDITIONAL 45% STAKE IN KIDECO
PT Indika Energy Tbk. and its wholly-owned subsidiary PT Indika Inti Corpindo (collectively, “Indika Energy”) has entered into separate ...
Friday, 13 October 17
THE SHORT-TERM OUTLOOK FOR THE PANAMAX MARKET REMAIN POSITIVE - FEARNLEYS
Supramax
The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number ...
Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
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Showing 1911 to 1915 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
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