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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, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
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