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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
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