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Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
 Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day personal and professional lives. All industrial markets have been influenced by the coronavirus pandemic and the tanker market is no exception. The spread of COVID-19 coupled with the IMO 2020 regulations have caused noticeable fluctuations in bunker prices and trading habits. On the 6th of January, VLSFO prices in Fujairah were as high as USD 790/mt and fell to below USD 200/mt in a mere 3-month period. WTI followed a similar pattern as it hovered at just above USD 60/barrel in early January and saw “negative” rates on the 20th of April; it has never fully rebounded (to date) back to its to pre-lockdown price levels. Oil trading houses took conservative approaches in minimizing their risk exposures owing to the mounting uncertainty and investor ambiguity that had resulted from the initial COVID-19 outbreak. Many projects were paused while trading activity was kept to a minimum.
The trading lag created an environment that allowed for contango opportunities; many traders/oil majors attempted to capitalize on this by securing VLCC/Suezmax vessels for T/C periods of up to 6 months. Due to the oil surplus in the market, shore tanks were nearing their maximum storage capacities and suppliers were keen to sell at low rates to ensure the continued and sound operations of refineries. The temporary shutdown and reopening of a refinery costs millions of dollars which places a rather hefty (almost unbearable) financial burden on the respective supplier. Throughout the period of the storage craze, some of the highest freight rates of the last decade were observed. Freights were boosted by a plethora of parameters such as market sentiment, bullish owners and prolonged wait times of ships during loading/discharging owing to the profound lack of storage.
In general - with the exception of VLCC’s who have benefited from the overall increased demand for storage - crude tankers have not managed to improve their performance in the last 3 months. Aframax and Suezmax vessels are still committed to sluggish markets which are heavily affected by seasonal patterns. Historically, summer months were always depressed in terms of trading activity. However, current imminent fears of further regional/nationwide lockdowns are further weakening sentiment in the oil trade. On the clean side, we’ve seen tonnage lists with many prompt ships around loading areas with MR’s overcoming LR1’s. At the same time, LR2’s seem to be patiently waiting for MR’s to get busier, after which they expect to receive loading enquiries from charterers. On Monday we saw WTI & BRENT enter a steep fall, which may be a direct result of further country-wide imposed COVID-19 related restrictions due to the fear of another wave. On a more positive supply-side note, Libyan exports are now back on the table and are rumored to see increases of ca. 300%!
A glimpse of light is anticipated by owners as we move towards the end of the year. It is widely hoped that traders will push to complete their programs by the close of the year to meet their minimal annual objectives. Nevertheless, the uncertain atmosphere in the tanker sector is expected to project well into the fourth quarter; a potential coronavirus vaccine is the only factor which seems capable of “straightening out” the rather mixed present sentiment.
By Dimitris Kourtesis
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, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- The Treasury - Australian Government
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
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