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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, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
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