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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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Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
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Showing 911 to 915 news of total 6871 |
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- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
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