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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, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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