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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, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
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Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
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Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Mercator Lines Limited - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
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