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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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Wednesday, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
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Showing 1866 to 1870 news of total 6871 |
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- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- White Energy Company Limited
- Indika Energy - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
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