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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
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