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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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Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
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Showing 1626 to 1630 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
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