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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 v ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Monday, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
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- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
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- Chamber of Mines of South Africa
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- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
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- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
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- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
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- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
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- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- MS Steel International - UAE
- White Energy Company Limited
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
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- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Planning Commission, India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
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- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Independent Power Producers Association of India
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- Ceylon Electricity Board - Sri Lanka
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- Power Finance Corporation Ltd., India
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- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
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