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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- The University of Queensland
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
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