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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Essar Steel Hazira Ltd - India
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- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
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- GAC Shipping (India) Pvt Ltd
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- Directorate General of MIneral and Coal - Indonesia
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- Mjunction Services Limited - India
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