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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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Thursday, 14 September 17
KOMIPO INVITED BIDS FOR 5700 NAR BITUMINOUS COAL FOR BORYEONG POWER PLANT; 390K MT FOR NOV LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 390,000 Metric Tons of Bituminous coal ...
Wednesday, 13 September 17
U.S. COAL EXPORTS FOR THE FIRST SIX MONTHS OF 2017 WERE 55% HIGHER COMPARED TO THE SAME PERIOD IN 2016 - EIA
COALspot.com: EIA expects the share of U.S. total utility-scale electricity generation from natural gas to fall from an average of 34% in 2016 to a ...
Wednesday, 13 September 17
SOME THOUGHTS ON NORTH KOREA, US & CHINA - THEODORE NTALAKOS
The trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea's exports end up in China; similarly, about ...
Tuesday, 12 September 17
NEWCASTLE FOB PRICES ROSE STRONGLY AND ARE NOW THREATENING TO BREAK THROUGH US$100/T - DANIEL HYNES
COALspot.com: The rise in crude oil market supported further gains in thermal coal, says Daniel Hynes Senior Commodity Strategist at ANZ.
Acco ...
Tuesday, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
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Showing 1941 to 1945 news of total 6871 |
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- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- PTC India Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
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