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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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Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Parliament of New Zealand
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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