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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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Showing 2311 to 2315 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
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