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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, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Planning Commission, India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
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