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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, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
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- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Minerals Council of Australia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
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