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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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Monday, 02 December 19
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Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
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- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Wilmar Investment Holdings
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- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
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