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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
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