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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, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- White Energy Company Limited
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
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