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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, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
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