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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, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
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