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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, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
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