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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
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