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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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Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
Wednesday, 26 August 15
2Q'16 FOB INDONESIA COAL SWAP FALLS NEARLY 4.76 PER CENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap was declined $ 2.20 (-5.13%) p ...
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- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
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