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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- MS Steel International - UAE
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- Toyota Tsusho Corporation, Japan
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- Thai Mozambique Logistica
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- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
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- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
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- Antam Resourcindo - Indonesia
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- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
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- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
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- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
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- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
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- Independent Power Producers Association of India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
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- The State Trading Corporation of India Ltd
- The University of Queensland
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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