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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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Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Planning Commission, India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
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