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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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Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
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Showing 911 to 915 news of total 6871 |
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- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
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