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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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Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- The University of Queensland
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
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