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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 19 January 18
U.S. WEEKLY COAL OUTPUT WAS 13.5 MMST FOR THE WEEK ENDING JANUARY 13, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.5 million short tons ...
Thursday, 18 January 18
WORLD TRADE IN HARD COAL RISES BY 1.5% IN 2017 - KOHLENIMPORTEURE
Press Release: World Trade in Hard Coal Rises by 1.5% in 2017. German Steam Coal Imports Plummet by 15% in 2017 – in Contrast to Other Sector ...
Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil ...
Monday, 15 January 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO WEAK THIS WEEK - VISTAAR
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Monday, 15 January 18
QUEENSLAND SHIPPED 210.8 MT OF COAL IN 2017, DOWN 5% YOY QUEENSLAND RESOURCES COUNCIL
Queensland's coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from the previous year’s record of 220.8 ...
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Showing 1826 to 1830 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
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