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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, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
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