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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Deloitte Consulting - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
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