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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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Monday, 14 August 17
IN A PARIS AGREEMENT WORLD, COAL WILL MEET GROWING ASIAN ENERGY NEEDS - BENJAMIN SPORTON
When providing 41% of the world’s electricity, 85% of global cement, 74% of the world’s steel and 60% of the world’s aluminum, co ...
Friday, 11 August 17
KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,280,000 Metric Tons of Bitumino ...
Friday, 11 August 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Thursday, 10 August 17
GLOBAL COAL PRODUCTION FELL SIGNIFICANTLY IN 2016 - IEA
COALspot.com: Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in Wor ...
Thursday, 10 August 17
ANOTHER ACTIVE WEEK FOR THE PANAMAXES WITH INCREASING RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
Both basins have remained fairly flat, could say slightly to the negative. A quiet start of the week in the Pacific with holidays in Sin ...
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Showing 1971 to 1975 news of total 6871 |
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- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
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