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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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Wednesday, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of ...
Tuesday, 22 August 17
THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
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