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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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Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
Friday, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
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- Coalindo Energy - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
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