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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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