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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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Thursday, 11 June 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 ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
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