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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Planning Commission, India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- The University of Queensland
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
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