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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, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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Showing 3426 to 3430 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- White Energy Company Limited
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
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