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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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Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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Showing 2461 to 2465 news of total 6871 |
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- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
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