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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, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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Showing 2031 to 2035 news of total 6871 |
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- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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