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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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Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
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