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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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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- TeaM Sual Corporation - Philippines
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- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
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- CNBM International Corporation - China
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- Semirara Mining Corp, Philippines
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- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
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- Indian Oil Corporation Limited
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- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
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- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
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- Singapore Mercantile Exchange
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- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
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- European Bulk Services B.V. - Netherlands
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- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Romanian Commodities Exchange
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- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- The University of Queensland
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
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- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
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