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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, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
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