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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
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