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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, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
Tuesday, 23 June 20
COVID-19 COULD CAUSE A BOOM IN COAL POWER - RYSTAD ENERGY | OILPRICE
COVID-19 has not only impacted the energy industry’s revenues but also its infrastructure development.
The delay of new natural gas ...
Tuesday, 23 June 20
CHINA'S COAL OUTPUT UP 0.9 PCT IN JANUARY-MAY: XINHUA
Output of raw coal in China rose 0.9 percent year on year to 1.47 billion tonnes in the first five months of this year, official data showed.
& ...
Monday, 22 June 20
KAMSARMAX TYPES REGULARLY HIT THE $9,000 PER DAY LEVEL FOR INDONESIAN COAL RUN TO CHINA, BALTIC BRIEFING SAYS
Capesize
The Capesize market trajectory this week has been one of the steepest rallies the sector has experienced. Opening at $12,410, the sect ...
Saturday, 20 June 20
WORLD OIL DEMAND IS PROJECTED TO DECREASE BY 9.1 MB/D IN 2020 - OPEC
Crude Oil Price Movements
Spot crude oil prices rebounded in May from low levels registered a month earlier, as physical market fundamentals im ...
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- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
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- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
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- Parliament of New Zealand
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- Goldman Sachs - Singapore
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- Indian Oil Corporation Limited
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- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
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- Indika Energy - Indonesia
- Deloitte Consulting - India
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- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
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- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
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- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
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- Indogreen Group - Indonesia
- Planning Commission, India
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- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
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