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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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Saturday, 28 December 19
SUPRAMAX: A 63,000DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasing ...
Saturday, 28 December 19
CHINESE INDUSTRIAL CITY TO FURTHER CUT COAL CONSUMPTION - XINHUA
Harbin, capital city of Heilongjiang Province in China’s northeastern industrial heartland, is planning to further reduce its coal consumptio ...
Friday, 27 December 19
MISERY LOOMS OVER TOP COAL SHIPPERS AS CHINA TO BUY LESS IN 2020 BLOOMBERG
China isn’t cutting back on consumption of the most-polluting fossil fuel just yet, but it is set to reduce imports.
The world ...
Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but ...
Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
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Showing 1221 to 1225 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
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