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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- White Energy Company Limited
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- The University of Queensland
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
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