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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, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
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- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
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- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- The University of Queensland
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Planning Commission, India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
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