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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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Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
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- Coal and Oil Company - UAE
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- Parliament of New Zealand
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- Indonesian Coal Mining Association
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- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
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- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
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- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
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- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
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- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
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- Economic Council, Georgia
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- Siam City Cement - Thailand
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- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
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- Anglo American - United Kingdom
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Independent Power Producers Association of India
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- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
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- VISA Power Limited - India
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- Kepco SPC Power Corporation, Philippines
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- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
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- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- White Energy Company Limited
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
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- Power Finance Corporation Ltd., India
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- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
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- Electricity Generating Authority of Thailand
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- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
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