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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 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
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- The Treasury - Australian Government
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- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
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- Ministry of Finance - Indonesia
- Economic Council, Georgia
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- Anglo American - United Kingdom
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- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Thiess Contractors Indonesia
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- Energy Development Corp, Philippines
- Planning Commission, India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
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- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
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- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
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- PNOC Exploration Corporation - Philippines
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- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
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- VISA Power Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
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- Parry Sugars Refinery, India
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- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
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- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
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- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
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