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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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Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
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Showing 1226 to 1230 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- White Energy Company Limited
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