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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, 18 May 18
INDONESIA'S SAMARINDA ANCHORAGE COAL LOADING ACTIVITIES WERE RESUMED YESTERDAY AT 4PM LOCAL TIME
Samarinda Anchorage coal loading activities were resumed yesterday at 4PM local time.
Local fishermen in Samarinda Anchorage have been demonst ...
Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besid ...
Thursday, 10 May 18
PRIVATE POWER PRODUCERS NEED A 'POWERFUL PUSH' - PRADEEP MITTAL
- PLF of the Private Sector in the country (Coal and Lignite based) for FY 2017-18 (till Dec 2017) is 56%.
- 51 GW of stressed assets (Thermal &a ...
Tuesday, 08 May 18
BUMA SIGNED OVER US$1 BILLION WORTH OF NEW CONTRACT WITH PT INDONESIA PRATAMA
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, has entered into mining services contracts with PT Indones ...
Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
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Showing 1721 to 1725 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
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