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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
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