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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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Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 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 ...
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- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Planning Commission, India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- London Commodity Brokers - England
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
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