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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Marubeni Corporation - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Planning Commission, India
- White Energy Company Limited
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
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