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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, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- ASAPP Information Group - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- The University of Queensland
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
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