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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, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
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Showing 2511 to 2515 news of total 6871 |
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- MS Steel International - UAE
- Australian Coal Association
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- London Commodity Brokers - England
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
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