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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, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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Showing 361 to 365 news of total 6871 |
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- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- The University of Queensland
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Australian Coal Association
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
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