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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
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