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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, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
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