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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, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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Showing 1766 to 1770 news of total 6871 |
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- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
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