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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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Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- White Energy Company Limited
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
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