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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, 03 October 17
ALLIED MARKET ANALYSIS
It seems as though the future of the oil trade was once again put into the spotlight, as the Asia Pacific Petroleum Conference took place last week ...
Friday, 29 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FIFTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ...
Thursday, 28 September 17
SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
The hot market seen the last weeks in the Pacific has softened as the Golden week holiday in China approaches and the October shipments ...
Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
The ‘unreasonable’ cost of casualty repairs: Association of Average Adjusters chairman details claims dilemma ...
Thursday, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
It has been reported that China will cancel roughly one third of its iron ore mining licenses, says Commodore Research & Consultancy in its lat ...
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Showing 1926 to 1930 news of total 6871 |
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- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Australian Coal Association
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- GMR Energy Limited - India
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