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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, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- Global Coal Blending Company Limited - Australia
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- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
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- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
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- Australian Coal Association
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- Indian Energy Exchange, India
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- The University of Queensland
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- Indian Oil Corporation Limited
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- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
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- LBH Netherlands Bv - Netherlands
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- Energy Development Corp, Philippines
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- Coal and Oil Company - UAE
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- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Jindal Steel & Power Ltd - India
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- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
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- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
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- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
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- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
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- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bhatia International Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
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