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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, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
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