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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, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
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