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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, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- The University of Queensland
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
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