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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, 30 March 14
FREIGHTS FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK - REDDY
COALspot.com: The freight market dropped drastically and all sectors were affected severely.
The BDI was down by 14.13 pct and closed at 1, ...
Friday, 28 March 14
US PRODUCED APPROXIMATELY 18.9 MMST IN A WEEK - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Friday, 28 March 14
CHINA'S ENVIRONMENTAL MEASURES WILL NOT CURB GROWTH IN DOMESTIC STEEL PRODUCTION AND SEABORNE IRON ORE - WOOD MACKENZIE SAYS
Steel plants in China have been targeted as a major source of the toxic smog enveloping Beijing and Shanghai. Emergency measures have been impos ...
Thursday, 27 March 14
PANAMAX : SEEMS TO HEAD FURTHER DOWN; CAPESIZE : ANOTHER CHOPPY AND UNPREDICTABLE WEEK - FEARNLEYS AS
Handy
A weaker sentiment for the smaller size as well, with reduced activity in the Atlantic where Owners have to face significantly lower ret ...
Wednesday, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
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- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
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