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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, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
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- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
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- Georgia Ports Authority, United States
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- Tamil Nadu electricity Board
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- Bulk Trading Sa - Switzerland
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- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
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- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
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- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
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- Sojitz Corporation - Japan
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
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- South Luzon Thermal Energy Corporation
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- VISA Power Limited - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
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