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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
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