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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, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
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