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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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Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
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- Port Waratah Coal Services - Australia
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- Neyveli Lignite Corporation Ltd, - India
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- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
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- Australian Coal Association
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- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
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- SMC Global Power, Philippines
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- Sical Logistics Limited - India
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- Parliament of New Zealand
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- Price Waterhouse Coopers - Russia
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- LBH Netherlands Bv - Netherlands
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- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
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- Economic Council, Georgia
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- Coalindo Energy - Indonesia
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- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
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- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
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- Planning Commission, India
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- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
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- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
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- Directorate General of MIneral and Coal - Indonesia
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- Ministry of Finance - Indonesia
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- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
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- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
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- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
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- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
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- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
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- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
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