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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Wilmar Investment Holdings
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- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
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- Goldman Sachs - Singapore
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- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
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- Parliament of New Zealand
- VISA Power Limited - India
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- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
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- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
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- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- The University of Queensland
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- White Energy Company Limited
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- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
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- Indonesian Coal Mining Association
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