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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, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
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- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
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- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
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- Ambuja Cements Ltd - India
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- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
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- Thai Mozambique Logistica
- SMC Global Power, Philippines
- The Treasury - Australian Government
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- PowerSource Philippines DevCo
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- International Coal Ventures Pvt Ltd - India
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- CNBM International Corporation - China
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- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
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- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
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