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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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Friday, 01 September 17
U.S COAL OUTPUT DIPS WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 31 August 17
SUPRAMAX: INDO TO CHINA COAL TRIPS AT AROUND $9000, DELIVERY THAILAND - FEARNLEYS
Supramax
A bit slow start to the week with UK holidays on Monday. Still strong rates for cargoes out of Black Sea, where front hauls where done $ ...
Tuesday, 29 August 17
WEEKLY SHIPPING MARKET ANALYSIS - ALLIED
In the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disrupti ...
Tuesday, 29 August 17
U.S WEEKLY COAL OUT UP 3.4% WEEK OVER WEEK TO APPROX. 17 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tonne ...
Thursday, 24 August 17
SUPRAMAX: LOW $10K FOR INDO COAL TRIPS TO INDIA; AROUND $10K FOR INDO TO CHINA TRIPS - FEARNLEYS
Supramax
This week Supras from the Black Sea on fhaul have seen numerous orders and improving rates.
53-57k dwt vessels have been fixed at e ...
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Showing 1956 to 1960 news of total 6871 |
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- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
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