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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
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