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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Australian Coal Association
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
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