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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, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
...
Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
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- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
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