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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, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Australian Coal Association
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- The University of Queensland
- Planning Commission, India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
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