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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, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Trasteel International SA, Italy
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