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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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Thursday, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
Wednesday, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
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Showing 2011 to 2015 news of total 6871 |
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- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
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