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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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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Planning Commission, India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- White Energy Company Limited
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
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