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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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Monday, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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Showing 2206 to 2210 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- The University of Queensland
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
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