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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, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 June 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 ...
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- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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