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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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- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Siam City Cement - Thailand
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
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