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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Planning Commission, India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Posco Energy - South Korea
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
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