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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, 25 October 17
SHIPPING MARKET REPORT - INTERMODAL
While the majority of perspective Buyers in the dry bulk second-hand market is currently focusing on modern tonnage, there is also increased activi ...
Tuesday, 24 October 17
KOMIPO INVITED BIDS FOR MIN. 4600 NAR BLENDED SUB-BITUMINOUS COAL OF INDONESIAN ORIGIN FOR BORYEONG OR NEW BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 5,000,000 Metric Tons of blended sub-bi ...
Tuesday, 24 October 17
CHINA'S INSATIABLE APPETITE FOR THIS ENERGY COMMODITY CONTINUES STRONG - GEORGE LAZARIDIS
Crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster oil ...
Friday, 20 October 17
U.S COAL PRODUCTION FELL 1.45 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Tuesday, 17 October 17
SULPHUR 2020: COMING, READY OR NOT - ALIBRA SHIPPING
Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% su ...
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Showing 1906 to 1910 news of total 6871 |
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- Georgia Ports Authority, United States
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- Indonesian Coal Mining Association
- Planning Commission, India
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- Cement Manufacturers Association - India
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- Merrill Lynch Commodities Europe
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- Bulk Trading Sa - Switzerland
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- Eastern Energy - Thailand
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- Power Finance Corporation Ltd., India
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- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
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- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Vedanta Resources Plc - India
- Wilmar Investment Holdings
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- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
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- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- White Energy Company Limited
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- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
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- Australian Coal Association
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- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
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- Global Business Power Corporation, Philippines
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- Indian Energy Exchange, India
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