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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, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
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 ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
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- The Treasury - Australian Government
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- The University of Queensland
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
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