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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, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- MS Steel International - UAE
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- The University of Queensland
- Bharathi Cement Corporation - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
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