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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, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
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- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
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