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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, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
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