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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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Monday, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
Tuesday, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
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Showing 1921 to 1925 news of total 6871 |
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- Siam City Cement - Thailand
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- The University of Queensland
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Planning Commission, India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
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