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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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Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- McConnell Dowell - Australia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
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