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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, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- SMG Consultants - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
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