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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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Friday, 10 July 20
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 ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Kobexindo Tractors - Indoneisa
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- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
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- Chamber of Mines of South Africa
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- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
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- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
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- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
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- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
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- Thai Mozambique Logistica
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- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
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