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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, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
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