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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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Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
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- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
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