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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, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
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$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
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Showing 2826 to 2830 news of total 6871 |
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- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Parliament of New Zealand
- Planning Commission, India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- The University of Queensland
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
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