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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, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
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