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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
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Showing 3021 to 3025 news of total 6871 |
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- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
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