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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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Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
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Showing 1506 to 1510 news of total 6871 |
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- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- The University of Queensland
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
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