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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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Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
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- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
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- Goldman Sachs - Singapore
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- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
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- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
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- Ambuja Cements Ltd - India
- The Treasury - Australian Government
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- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
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- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
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- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Planning Commission, India
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- Parliament of New Zealand
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- Agrawal Coal Company - India
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- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
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- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
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- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
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- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
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