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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Timah Investasi Mineral - Indoneisa
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- Binh Thuan Hamico - Vietnam
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- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Australian Coal Association
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
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- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
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- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
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- India Bulls Power Limited - India
- Baramulti Group, Indonesia
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- White Energy Company Limited
- Georgia Ports Authority, United States
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- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
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- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
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- Singapore Mercantile Exchange
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- Anglo American - United Kingdom
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- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- The Treasury - Australian Government
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
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- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
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