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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, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
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