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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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Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Indika Energy - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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