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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, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
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Showing 2961 to 2965 news of total 6871 |
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- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Central Java Power - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Planning Commission, India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
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