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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, 08 August 17
KOMIPO INVITES BIDS FOR 5200 AND 5700 NAR COAL FOR Q4 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 420,000 Metric Tons of Bituminous coal ...
Monday, 07 August 17
INDIA'S THERMAL COAL IMPORTS HAVE FALLEN BY 16% YEAR-ON-YEAR IN THE FIRST FIVE MONTHS OF THIS YEAR
COALspot.com: The second quarter of 2017 was characterized by volatility in the coal market driven by policy measures and weather disruptions say A ...
Monday, 07 August 17
BUMA SIGNED $385 MILLION WORTH OF NEW CONTRACT WITH PT PADA IDI
COALspot.com: PT Delta Dunia Makmur Tbk., has announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into min ...
Monday, 07 August 17
THE SHIPPING INDEXES BOUNCE BACK THIS PAST WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ove ...
Friday, 04 August 17
U.S. WEEKLY COAL OUTPUT UP 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
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Showing 1981 to 1985 news of total 6871 |
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- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- MS Steel International - UAE
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
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