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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Planning Commission, India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
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