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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, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
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Showing 3166 to 3170 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Planning Commission, India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
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