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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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Monday, 31 July 17
THE PORT OF NEWCASTLE SHIPPED 17.08 PERCENT LESS COAL IN JUNE 2017 COMPARED TO ITS MAY LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,442.8 ...
Monday, 31 July 17
THE FREIGHT MARKET DECLINE THIS PAST WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Panamax indexes show a negative trend week over w ...
Friday, 28 July 17
U.S. WEEKLY COAL PRODUCTION UP 1.4% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 27 July 17
CAMPBELL SHIPPING APPOINTS ISS FOR GLOBAL HUSBANDRY REPRESENTATION SERVICES CONTRACT - ISS
COALspot.com: Inchcape Shipping Services (ISS) is delighted to announce that it has secured a global husbandry representation contract with Campbel ...
Thursday, 27 July 17
A VOLATILE WEEK IN THE CAPE MARKET - FEARNLEYS
Supramax
The black sea still performing well although bit fewer fixtures concluded/reported. Rates lie somewhere around 18 -19 on front-haul . Bo ...
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Showing 1991 to 1995 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
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