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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, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- The University of Queensland
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