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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, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Cement Manufacturers Association - India
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- Ceylon Electricity Board - Sri Lanka
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- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
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- Parliament of New Zealand
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- Australian Coal Association
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- Heidelberg Cement - Germany
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- Romanian Commodities Exchange
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- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
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- Trasteel International SA, Italy
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- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
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- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
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- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
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- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
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- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
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- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
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- SMC Global Power, Philippines
- Indonesian Coal Mining Association
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- Central Electricity Authority - India
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- Global Green Power PLC Corporation, Philippines
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- PowerSource Philippines DevCo
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- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
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- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
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- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
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- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- The University of Queensland
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
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- Electricity Generating Authority of Thailand
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- Kumho Petrochemical, South Korea
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- Edison Trading Spa - Italy
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