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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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Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
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- White Energy Company Limited
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- Bulk Trading Sa - Switzerland
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