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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
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