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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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Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
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Showing 1796 to 1800 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
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