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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, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
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