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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
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