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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
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