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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Australian Coal Association
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
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