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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, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
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Showing 1821 to 1825 news of total 6871 |
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- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
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