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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- The Treasury - Australian Government
- Planning Commission, India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
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