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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- MS Steel International - UAE
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Wilmar Investment Holdings
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- PTC India Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
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