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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, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Mercuria Energy - Indonesia
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- Chamber of Mines of South Africa
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- Alfred C Toepfer International GmbH - Germany
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- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
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- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
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- Economic Council, Georgia
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- Singapore Mercantile Exchange
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- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
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- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
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- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Minerals Council of Australia
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- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
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- Planning Commission, India
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- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
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- Orica Mining Services - Indonesia
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- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
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- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
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- The State Trading Corporation of India Ltd
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- Jorong Barutama Greston.PT - Indonesia
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- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- The University of Queensland
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- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
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- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
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- Sical Logistics Limited - India
- Coal and Oil Company - UAE
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