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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, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
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- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
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