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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, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- Planning Commission, India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- The University of Queensland
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
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