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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, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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Showing 3661 to 3665 news of total 6871 |
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- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
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