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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
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- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
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- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
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- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
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- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
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- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
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- Coalindo Energy - Indonesia
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- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
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- Medco Energi Mining Internasional
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- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
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- The State Trading Corporation of India Ltd
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- South Luzon Thermal Energy Corporation
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- Banpu Public Company Limited - Thailand
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- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
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- New Zealand Coal & Carbon
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- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
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