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