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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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Thursday, 11 January 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS FIXING AT AROUND $10K - FEARNLEYS
Supramax
USG rates improved both for backhaul and fronthaul, Ultras from USG to Japan receiving around $26k daily while supras 1-2k less for same ...
Wednesday, 10 January 18
2018: IT IS PROJECTED, THE SHIPBUILDERS WILL DELIVER FOUR HUNDRED FORTY NEW VESSELS IN 2018
Headlines from IMF's 2017 – World Economic Outlook:
January 2017 - “After a lacklustre outturn in 2016, economic activity is p ...
Tuesday, 09 January 18
INDONESIAN GOVERNMENT DECLARED COAL REFERENCE PRICE UP IN JANUARY
COALspot.com: the Indonesian Coal Price Reference ( HBA) rose 1.60 per cent in January 2018, the latest ministerial decree showed.
The benchma ...
Friday, 05 January 18
U.S. WEEKLY COAL OUTPUT FELL 32.4% PER CENT WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 10.5 million short tons ...
Friday, 05 January 18
COAL DEMAND TO REMAIN FLAT TO 2022, RESULTING IN A DECADE OF STAGNATION - IEA
Global demand for coal should remain nearly flat between 2017 and 2022, resulting in a decade of stagnation for coal consumption, according to the ...
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Showing 1831 to 1835 news of total 6871 |
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- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Petron Corporation, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
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