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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, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
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