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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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Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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 ...
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- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- The University of Queensland
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
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