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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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Parliament of New Zealand
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Planning Commission, India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
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