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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, 28 July 15
INDONESIA DELAYS PLAN TO RAISE COAL ROYALTIES AMID PLUNGING PRICE - JP
The government will postpone a plan to increase royalty payments from coal miners as they are already burdened with the commodity’s plunging ...
Tuesday, 28 July 15
API 5 FOB NEWCASTLE COAL SWAP LOST M-M AND GAINED W-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.15 per MT (-2.51%) month over month to US$ 44.62 per mt. The swap ...
Monday, 27 July 15
KOMIPO INVITES BIDS FOR TOTAL 545,000 MT OF COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase total 545,000 Metric Tons (MT) of coal ...
Monday, 27 July 15
CFR SOUTH CHINA COAL SWAP WEAK M/M; FIRM W/W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.92 (1.77%) per MT month over month.
A commodity swap ...
Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
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Showing 2901 to 2905 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Minerals Council of Australia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- The University of Queensland
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
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