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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, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
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- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- The University of Queensland
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
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