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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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Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
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- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
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