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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, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
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Showing 2911 to 2915 news of total 6871 |
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- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
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