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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1026 to 1030 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
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