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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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Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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Showing 3216 to 3220 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
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