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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, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
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Showing 1886 to 1890 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- The University of Queensland
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Minerals Council of Australia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
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