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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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Tuesday, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- The University of Queensland
- White Energy Company Limited
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
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