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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, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- The University of Queensland
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
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