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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Coal and Oil Company - UAE
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- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
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- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
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- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
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- Merrill Lynch Commodities Europe
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- Commonwealth Bank - Australia
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- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
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- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
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- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
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- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
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- PTC India Limited - India
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- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
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- Australian Coal Association
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- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Planning Commission, India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
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- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
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- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
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