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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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Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
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- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
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