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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, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
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- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
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