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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, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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