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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, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
Friday, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
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- Mintek Dendrill Indonesia
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- Economic Council, Georgia
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- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
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- Jaiprakash Power Ventures ltd
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- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
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- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
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- Global Business Power Corporation, Philippines
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- Bangladesh Power Developement Board
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- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Thai Mozambique Logistica
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- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
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- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
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- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
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- CNBM International Corporation - China
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- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
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