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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, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
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- Bhoruka Overseas - Indonesia
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- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
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- Attock Cement Pakistan Limited
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- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
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- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
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- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
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- Cement Manufacturers Association - India
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- Minerals Council of Australia
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- Independent Power Producers Association of India
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