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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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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
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