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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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Tuesday, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
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Showing 1891 to 1895 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
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