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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
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