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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, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
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