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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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Sunday, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
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Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
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- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Indika Energy - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
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