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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
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