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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, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
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Showing 1396 to 1400 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
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