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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, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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