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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, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in man ...
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- Eastern Coal Council - USA
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- Anglo American - United Kingdom
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- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
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- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
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- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
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- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
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- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
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- Agrawal Coal Company - India
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- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
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- Siam City Cement - Thailand
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
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