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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Australian Commodity Traders Exchange
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- White Energy Company Limited
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- Kohat Cement Company Ltd. - Pakistan
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- Minerals Council of Australia
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- Sojitz Corporation - Japan
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- India Bulls Power Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Billiton Holdings Pty Ltd - Australia
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- The University of Queensland
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
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- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
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- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
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- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
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- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
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- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Sical Logistics Limited - India
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- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
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- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
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- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
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- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
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- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
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- Gujarat Sidhee Cement - India
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- Sindya Power Generating Company Private Ltd
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- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
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- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
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