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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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Showing 2386 to 2390 news of total 6871 |
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- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
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