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