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