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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
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