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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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
...
Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
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