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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
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