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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
 As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in a bull run lately. Amidst an oversupplied oil market and expectations of production cuts and consequent oil price hikes, the large contango effect has made profitable several storage plays during the past couple of months, occupying a lot of ships as a result, while in addition to that, several countries decided (amid bottoming oil prices and the Coronavirus pandemic emergency) to increase to the maximum their strategic petroleum reserves (e.g. the US SPR already has 634 million barrels in storage vs. a total capacity of 713 million barrels).
Key stakeholders in the industry created an additional hype by characterizing this meeting as one of the most important and historic events in the last two decades, creating expectations that any deal would lead to a further spike in short-term activity. There were of course also some less optimistic voices in the industry insisting that deal or no-deal the tanker market remained fundamentally weak in the long term, with the pandemic restrictive measures around the world already leading to a 25-35 million b/d or 30% decrease in demand. Following the end of the meeting, OPEC+ announced output cuts of 9.7m b/d for May and June, 8m b/d for the remainder of 2020 and 6 million b/d for the period January 2021-April 2022. The record cuts we are about to witness in the next couple of months are almost equal to 10% of global supply, while together with non-OPEC+ member cuts the figure could even reach the equivalent of 1/5 of global supply.
This means that May onwards cargo loadings will definitely see significant declines and this will most likely have a negative impact on the tanker freight market. Because of this expectation, we could possibly see producing countries trying to pump out as much product as possible before the agreement enters into effect, which could offer some support to the tanker market before we reach May 1st.
Looking further ahead and as “expecting the unexpected” is something everyone must have gotten used to by now, I’d say that there are a few possible scenarios in which neither the oil market dries up, nor prices manage to stabilize at much higher levels and push freights down. We have seen many times during previous output cuts that there have been some non-compliant members and we won’t be surprised to see certain producing countries eventually ramping up production above what was agreed this time as well.
Not only would such a development restore part of the cargoes lost, but it would also cause great dissatisfaction to compliant members that would start losing market share due to non-compliance and this could eventually lead to a new price war as a result. In addition to that, global demand for oil will gradually begin to increase as countries around the world eventually start to exit the pandemic emergency state and return to normality, while let’s not forget the amount of tonnage that has been used for storage and will not be competing for business in the tanker market.
By Ilias M. Lalaounis
SnP 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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
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- Metalloyd Limited - United Kingdom
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- Minerals Council of Australia
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- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
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- Georgia Ports Authority, United States
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- TeaM Sual Corporation - Philippines
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- Australian Coal Association
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- Wilmar Investment Holdings
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- McConnell Dowell - Australia
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- The University of Queensland
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- Romanian Commodities Exchange
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- Ministry of Mines - Canada
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- Parliament of New Zealand
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- Banpu Public Company Limited - Thailand
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- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
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- Commonwealth Bank - Australia
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- Orica Australia Pty. Ltd.
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- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
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- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
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- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
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- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
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- Binh Thuan Hamico - Vietnam
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- White Energy Company Limited
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Petrochimia International Co. Ltd.- Taiwan
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- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
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- Eastern Coal Council - USA
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- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
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