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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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Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
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Showing 2816 to 2820 news of total 6871 |
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- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
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