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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- VISA Power Limited - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
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