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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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Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Vedanta Resources Plc - India
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- The Treasury - Australian Government
- Dalmia Cement Bharat India
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- Chamber of Mines of South Africa
- CNBM International Corporation - China
- GMR Energy Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
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- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
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- Economic Council, Georgia
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- Orica Mining Services - Indonesia
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- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
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- Georgia Ports Authority, United States
- Thai Mozambique Logistica
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- Latin American Coal - Colombia
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- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
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- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
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- Anglo American - United Kingdom
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- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
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- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
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- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
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- Bangladesh Power Developement Board
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- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
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- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
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- Directorate General of MIneral and Coal - Indonesia
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- Indonesian Coal Mining Association
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
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- Directorate Of Revenue Intelligence - India
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- Binh Thuan Hamico - Vietnam
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