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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, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- PTC India Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
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