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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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Showing 1481 to 1485 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
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