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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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Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
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Showing 1391 to 1395 news of total 6871 |
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- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
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