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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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Showing 2616 to 2620 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- The University of Queensland
- MS Steel International - UAE
- Eastern Coal Council - USA
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
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