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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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Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
Monday, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
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- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Planning Commission, India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
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