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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, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- The University of Queensland
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
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