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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- The University of Queensland
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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