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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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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
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