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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 22 July 14
ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release: Registration Open for Fourth Annual Asian Sub-Bituminous Coal Users’ Group Conference
Register today for this year&r ...
Monday, 21 July 14
25% OF INDIA'S POWER PLANTS WERE HAVING SUPER CRITICAL COAL STOCK - COAL AND POWER MINISTER
25% of India’s power plants were having super critical coal stock; power utilities have also been advised to enhance the import of coal - Coa ...
Monday, 21 July 14
INDONESIA'S STATE CONTROLLED COAL MINER BUKIT ASAM ENJOYED HIGHER SELLING PRICE DURING THIS STORMY MARKET
COALspot.com: PT Bukit Asam, the Indonesian government controlled coal miner announced today that, the company has produced 7.70 million tons of co ...
Monday, 21 July 14
CFR SOUTH CHINA COAL Q3 DELIVERY SWAPS LOST 16% SINCE JANUARY 17, 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. Market is not showing any positive trend in near future.
...
Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
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- McConnell Dowell - Australia
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- Standard Chartered Bank - UAE
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- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Energy Development Corp, Philippines
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- Ministry of Mines - Canada
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- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
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- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Asmin Koalindo Tuhup - Indonesia
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- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
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- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
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- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Indian Oil Corporation Limited
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- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- The University of Queensland
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- Anglo American - United Kingdom
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- OPG Power Generation Pvt Ltd - India
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- Singapore Mercantile Exchange
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- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
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- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
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