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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, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
Friday, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
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Showing 1786 to 1790 news of total 6871 |
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- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
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