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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- VISA Power Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
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