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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, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
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