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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
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- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
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- Tata Chemicals Ltd - India
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