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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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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Planning Commission, India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
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