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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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Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
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