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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, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- VISA Power Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
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