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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Bharathi Cement Corporation - India
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- Singapore Mercantile Exchange
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- New Zealand Coal & Carbon
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- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
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- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
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- Bahari Cakrawala Sebuku - Indonesia
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- Leighton Contractors Pty Ltd - Australia
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- Global Coal Blending Company Limited - Australia
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- MS Steel International - UAE
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- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
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- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
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- Planning Commission, India
- Thiess Contractors Indonesia
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- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
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- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
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- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
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- Minerals Council of Australia
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- Karbindo Abesyapradhi - Indoneisa
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- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
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- Bhatia International Limited - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
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- Petron Corporation, Philippines
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- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
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- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
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- Australian Coal Association
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- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
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- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
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- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
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- Directorate General of MIneral and Coal - Indonesia
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- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Chamber of Mines of South Africa
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- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
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- The University of Queensland
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