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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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Monday, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
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- Kobexindo Tractors - Indoneisa
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- Parliament of New Zealand
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- Planning Commission, India
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- GAC Shipping (India) Pvt Ltd
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- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
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- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
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- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- GN Power Mariveles Coal Plant, Philippines
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- Energy Development Corp, Philippines
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- Directorate General of MIneral and Coal - Indonesia
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- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
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- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
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- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
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- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
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- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
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- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
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- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
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- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
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- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
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- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
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- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
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- Australian Coal Association
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- Bangladesh Power Developement Board
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