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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Parliament of New Zealand
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
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