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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, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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Showing 3026 to 3030 news of total 6871 |
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- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- The University of Queensland
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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