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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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Friday, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tonn ...
Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the ...
Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
A dark cloud appeared to have descended over the market for the big ships with rates continuing to slide in all areas. There was a repor ...
Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
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Showing 2016 to 2020 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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