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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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Monday, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Planning Commission, India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
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