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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
 As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in a bull run lately. Amidst an oversupplied oil market and expectations of production cuts and consequent oil price hikes, the large contango effect has made profitable several storage plays during the past couple of months, occupying a lot of ships as a result, while in addition to that, several countries decided (amid bottoming oil prices and the Coronavirus pandemic emergency) to increase to the maximum their strategic petroleum reserves (e.g. the US SPR already has 634 million barrels in storage vs. a total capacity of 713 million barrels).
Key stakeholders in the industry created an additional hype by characterizing this meeting as one of the most important and historic events in the last two decades, creating expectations that any deal would lead to a further spike in short-term activity. There were of course also some less optimistic voices in the industry insisting that deal or no-deal the tanker market remained fundamentally weak in the long term, with the pandemic restrictive measures around the world already leading to a 25-35 million b/d or 30% decrease in demand. Following the end of the meeting, OPEC+ announced output cuts of 9.7m b/d for May and June, 8m b/d for the remainder of 2020 and 6 million b/d for the period January 2021-April 2022. The record cuts we are about to witness in the next couple of months are almost equal to 10% of global supply, while together with non-OPEC+ member cuts the figure could even reach the equivalent of 1/5 of global supply.
This means that May onwards cargo loadings will definitely see significant declines and this will most likely have a negative impact on the tanker freight market. Because of this expectation, we could possibly see producing countries trying to pump out as much product as possible before the agreement enters into effect, which could offer some support to the tanker market before we reach May 1st.
Looking further ahead and as “expecting the unexpected” is something everyone must have gotten used to by now, I’d say that there are a few possible scenarios in which neither the oil market dries up, nor prices manage to stabilize at much higher levels and push freights down. We have seen many times during previous output cuts that there have been some non-compliant members and we won’t be surprised to see certain producing countries eventually ramping up production above what was agreed this time as well.
Not only would such a development restore part of the cargoes lost, but it would also cause great dissatisfaction to compliant members that would start losing market share due to non-compliance and this could eventually lead to a new price war as a result. In addition to that, global demand for oil will gradually begin to increase as countries around the world eventually start to exit the pandemic emergency state and return to normality, while let’s not forget the amount of tonnage that has been used for storage and will not be competing for business in the tanker market.
By Ilias M. Lalaounis
SnP 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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
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- Cigading International Bulk Terminal - Indonesia
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- Mercuria Energy - Indonesia
- VISA Power Limited - India
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- Altura Mining Limited, Indonesia
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- Deloitte Consulting - India
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- Bangladesh Power Developement Board
- Posco Energy - South Korea
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- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
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- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
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- Independent Power Producers Association of India
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- Ministry of Mines - Canada
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- Electricity Generating Authority of Thailand
- Planning Commission, India
- Electricity Authority, New Zealand
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- Eastern Coal Council - USA
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- Parry Sugars Refinery, India
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- Bukit Makmur.PT - Indonesia
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- India Bulls Power Limited - India
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- Rashtriya Ispat Nigam Limited - India
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- Interocean Group of Companies - India
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- Kepco SPC Power Corporation, Philippines
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- Bhoruka Overseas - Indonesia
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- Maheswari Brothers Coal Limited - India
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- Coalindo Energy - Indonesia
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- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
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- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
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- GN Power Mariveles Coal Plant, Philippines
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- The State Trading Corporation of India Ltd
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- White Energy Company Limited
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- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
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- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Medco Energi Mining Internasional
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- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
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- Wood Mackenzie - Singapore
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- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
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- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
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- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Australian Coal Association
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- Directorate Of Revenue Intelligence - India
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- Larsen & Toubro Limited - India
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- Malabar Cements Ltd - India
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- Vizag Seaport Private Limited - India
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- Economic Council, Georgia
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- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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