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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, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1851 to 1855 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- PTC India Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Minerals Council of Australia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
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