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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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Monday, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
Thursday, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
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- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
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