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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
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