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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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Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
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- Chamber of Mines of South Africa
- Romanian Commodities Exchange
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- Africa Commodities Group - South Africa
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- Electricity Authority, New Zealand
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- Pipit Mutiara Jaya. PT, Indonesia
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- Independent Power Producers Association of India
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- Eastern Energy - Thailand
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- MS Steel International - UAE
- Thai Mozambique Logistica
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- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
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- The Treasury - Australian Government
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- Central Java Power - Indonesia
- White Energy Company Limited
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- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
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