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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, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
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Showing 2216 to 2220 news of total 6871 |
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- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
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