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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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Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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