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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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Thursday, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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Showing 1771 to 1775 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
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