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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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Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
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- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- The University of Queensland
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
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