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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, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- White Energy Company Limited
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- PTC India Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
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