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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
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