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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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Tuesday, 18 March 14
NEWCASTLE COAL EXPORT VOLUME FALLS 26.23% WEEK ON WEEK
COALspot.com: In the week ended 17 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 17 March 14
API 8 CFR SOUTH CHINA COAL SWAPS FOR AVERAGE Q2 14 DELIVERIES LOST 2.59% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.59 percent month on month and closed at US$ 74.15 per mt as o ...
Sunday, 16 March 14
BDI DOWN ON LOW CAPESIZE ACTIVITY
COALspot.com: The freight market was slightly soft this week with BDI down by 4.28 pct week on week. The BDI closed at 1,477 points and the cape ...
Friday, 14 March 14
DRY BULK MARKET ENTERS RECOVERY MODE, ON INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has entered and sustained higher ground as of this week, on the back on increased Capesize demand. Although the situation in ...
Friday, 14 March 14
US, THE WORLD'S SECOND LARGEST COAL PRODUCER MINED 75.3 MMST OF COAL IN FEBRUARY; DOWN 10.88% M-M
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.7 million short tons (mmst) of coal ...
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- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Australian Coal Association
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
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