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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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Showing 1636 to 1640 news of total 6871 |
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- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- CNBM International Corporation - China
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
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