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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, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Monday, 31 March 14
CFR SOUTH CHINA COAL SWAP FOR Q2 14 DELIVERY LOST 1.17% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.17 percent month on month and closed at US$ 75.38 per m ...
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- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
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