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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, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
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- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Planning Commission, India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
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