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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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Monday, 21 August 17
FIRM DEMAND FOR CAPES CONTINUE TO SUPPORT DRY BULK SHIPPING
COALspot.com: The freight market was continued to rose this past week compared to the previous weeks, as BDI, Cape and Panamax indexes show a posit ...
Friday, 18 August 17
U.S. WEEKLY COAL OUTPUT UP 2.1% WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 17 August 17
DESPITE A HOLIDAY-DISRUPTED WEEK IT HAS BEEN A NEW ACTIVE WEEK FOR THE PANAMAXES - FEARNLEYS
Supramax
A very quiet start to the week with holidays in several countries. USG still bringing good results supported by a tight tonnage availabl ...
Monday, 14 August 17
CENTURIES ON, AND DRY BULK STILL RULES THE WAVES... - SARAH HOLDEN | CLARKSONS
By the late 1800s, the shipping industry had been transformed by the introduction of steam power and iron ships. Coal and grain were two of the mos ...
Monday, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
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Showing 1966 to 1970 news of total 6871 |
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- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
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