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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, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
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