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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
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