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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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Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
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- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
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