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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, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Economic Council, Georgia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
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