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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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Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
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- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Australian Coal Association
- India Bulls Power Limited - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
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