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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 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- The University of Queensland
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
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