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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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Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The cu ...
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Showing 1856 to 1860 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Planning Commission, India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- MS Steel International - UAE
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
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