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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, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
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