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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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Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
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