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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, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
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Showing 1916 to 1920 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
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