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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
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- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
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