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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
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- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
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