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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- MS Steel International - UAE
- Star Paper Mills Limited - India
- The University of Queensland
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
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