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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Cement Manufacturers Association - India
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- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
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- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
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- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
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- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
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- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
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