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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, 16 November 15
KOMIPO INVITES BIDS FOR 1.295 MILLION TONS OF BITUMINOUS COAL FOR Q1 - Q2'16
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,295,000 Metric Tons (MT) of minimum 4,600 kc ...
Monday, 16 November 15
SOUTH CHINA COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.05 (12.59%) per ton month over month.
A commodity swa ...
Monday, 16 November 15
CLARKSEA INDEX COMPETITION: IS IT ALL IN THE TIMING? - CLARKSONS
Readers of the Shipping Intelligence Weekly are invited each year to predict the value of the ClarkSea Index one year ahead in the first week of No ...
Monday, 16 November 15
DRY BULK MARKET: Q1' 2016 SHAPING UP TO BE A ' DISASTROUS' ONE OF PROJECTED LOWER IRON ORE IMPORTS FROM CHINA
Over the course of the past year or so, it’s been the drop of coal imports from China, which has had a detrimental effect on the course of dr ...
Friday, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pr ...
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Showing 2711 to 2715 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- The University of Queensland
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
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