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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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Friday, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
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Showing 2716 to 2720 news of total 6871 |
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- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- The University of Queensland
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