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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Australian Coal Association
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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