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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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Friday, 04 August 17
IMPORTED COAL CONTINUES TO BE A COMPETITIVE, SAFE AND RELIABLE ENERGY SOURCE FOR GERMANY - VDKI
COALspot.com: Worldwide hard coal production in 2016 declined by 3.8% to 6.7 billion tonnes.
According to the Germany Coal Importers Associati ...
Thursday, 03 August 17
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE GETTING FIXED AROUND MID $8000 - FEARNLEYS
In the Pacific rates have remained weak and under pressure this week with most routes softening.
Indo/China coal rounds are getting fixed arou ...
Thursday, 03 August 17
BUMI RESOURCES COAL SALES RELATIVELY FLAT AT 41.5 MILLION TONS IN 1H' 17; REPORTS US$162.3 MILLION PROFIT IN FIRST SEMESTER
COALspot.com: The BUMI Resources, Indonesia’s one of the largest coal producer, has reported a net income of $162.3 million in 1H’ 17 c ...
Wednesday, 02 August 17
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
During the duration of the first half of the year, the dry bulk market saw intense buying interest that boosted SnP prices significantly. We saw a ...
Monday, 31 July 17
KOMIPO INVITES BIDS FOR 750K MT OF 5,700 KCAL/KG NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 750,000 Metric Tons of Bituminous coal for its B ...
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Showing 1986 to 1990 news of total 6871 |
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- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
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