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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, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
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- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Wilmar Investment Holdings
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- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
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- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Star Paper Mills Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
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