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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
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