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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, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
Monday, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
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 ...
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- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
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