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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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Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
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