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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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Friday, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Stan ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
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Showing 1901 to 1905 news of total 6871 |
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- MS Steel International - UAE
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Bhatia International Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
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