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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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Showing 2051 to 2055 news of total 6871 |
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- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Planning Commission, India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
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