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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Planning Commission, India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- The University of Queensland
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