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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, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Samtan Co., Ltd - South Korea
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- Eastern Energy - Thailand
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- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Edison Trading Spa - Italy
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- European Bulk Services B.V. - Netherlands
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- The State Trading Corporation of India Ltd
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- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
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- Coal and Oil Company - UAE
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- Parliament of New Zealand
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
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- Orica Australia Pty. Ltd.
- Economic Council, Georgia
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- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
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- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Bangladesh Power Developement Board
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- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
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- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
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- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
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- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
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- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
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- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
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- Australian Coal Association
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- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
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- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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- Iligan Light & Power Inc, Philippines
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- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
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