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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, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
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- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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