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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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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- White Energy Company Limited
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Parliament of New Zealand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
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