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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, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
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- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Central Electricity Authority - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- The University of Queensland
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
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