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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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Wednesday, 10 June 15
TANKER MARKET INSIGHT - STELIOS KOLLINTZAS
As we go through the end of the 2nd quarter of the year it is evident that the tanker shipping markets have been rewarding and definitely been show ...
Wednesday, 10 June 15
WORLD COAL MARKET HEADING TO NEW EQUILIBRIUM: MINISTER - JAKARTA POST
Energy and Mineral Resources Minister Sudirman Said has said the world’s coal market is heading towards a new balance, which will make Indone ...
Wednesday, 10 June 15
FOB INDONESIA COAL SWAP ROSE W-O-W AND M-O-M
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and week over week, this past week.
The Q3 swap was climbed by $ ...
Tuesday, 09 June 15
GLOBALCOAL IMPLEMENTS VOLUMETRIC SIZE LIMITS IN RICHARDS BAY MARKET
COALspot.com: globalCOAL today announced that following recent market consultation, it will limit bids, offers and trades in the fixed price Phys R ...
Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
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- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
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