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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Meralco Power Generation, Philippines
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