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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- PTC India Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
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