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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, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- White Energy Company Limited
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- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
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- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
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- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Parliament of New Zealand
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- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
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- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
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- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
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- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
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- Bharathi Cement Corporation - India
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- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
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- Wilmar Investment Holdings
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- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
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- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
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- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
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- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- PTC India Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
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