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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
Friday, 27 November 15
INDONESIA COAL SWAPS: WEEK ENDING 20 NOVEMBER CLOSED HIGHER COMPARED TO THE PREVIOUS WEEK
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and up on week over week. Coal prices seen slight improvements thi ...
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- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
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