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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, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
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