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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, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- The University of Queensland
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
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