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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, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
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- Thai Mozambique Logistica
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
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