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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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Showing 906 to 910 news of total 6871 |
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- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- The University of Queensland
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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