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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, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
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