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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
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