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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, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
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Showing 2021 to 2025 news of total 6871 |
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- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Economic Council, Georgia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- Central Electricity Authority - India
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- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
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- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
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- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
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- Coalindo Energy - Indonesia
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- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
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- Commonwealth Bank - Australia
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