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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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Showing 2086 to 2090 news of total 6871 |
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- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
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