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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, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
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- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- The University of Queensland
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
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