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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, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
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- Directorate General of MIneral and Coal - Indonesia
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- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
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- Parliament of New Zealand
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- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
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- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
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- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
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- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
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- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
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- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
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- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
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- Bahari Cakrawala Sebuku - Indonesia
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- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
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- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
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- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
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- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
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- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
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- Indian Energy Exchange, India
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- London Commodity Brokers - England
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- Neyveli Lignite Corporation Ltd, - India
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- SMC Global Power, Philippines
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- Independent Power Producers Association of India
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- India Bulls Power Limited - India
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- PNOC Exploration Corporation - Philippines
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- Ministry of Mines - Canada
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- Baramulti Group, Indonesia
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- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
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- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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- Parry Sugars Refinery, India
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