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