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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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Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
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Showing 1421 to 1425 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
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