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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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Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Australian Coal Association
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
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