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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, 15 July 15
ANY FUTURE IRAN OIL DEAL WILL BOOST SUPPLY FUNDAMENTALS WITH TANKER OWNERS HOPING FROM TEHRAN TO QUICKLY BOOST ITS PRODUCTION
With the Greek “Euro-drama” apparently over, at least for now, Iran’s oil deal still remains elusive, with any potential agreemen ...
Tuesday, 14 July 15
FOB NEWCASTLE COAL SWAPS MAINTAIN OVERALL NEGATIVE TONE THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.02 per MT (-2.23%) month over month to US$ 44.68 per mt. The swap ...
Tuesday, 14 July 15
CFR SOUTH CHINA COAL SWAPS DECLINE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.47 (2.82%) per MT month over month.
A commodity swap ...
Monday, 13 July 15
THERMAL COAL IMPORTS SOAR 23 PER CENT TO 24.08 MILLION TONNES AT 12 MAJOR INDIAN PORTS
Import of thermal coal jumped 23 per cent to 24.08 million tonnes at 12 major ports in the first quarter of the fiscal, even as the government cont ...
Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
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Showing 2926 to 2930 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
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