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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, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Planning Commission, India
- Dalmia Cement Bharat India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Economic Council, Georgia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
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