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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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Showing 2076 to 2080 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
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