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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, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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Showing 2046 to 2050 news of total 6871 |
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- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Planning Commission, India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
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