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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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Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
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- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- PTC India Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
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