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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
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