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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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Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Economic Council, Georgia
- The University of Queensland
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- PTC India Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Mjunction Services Limited - India
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