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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- White Energy Company Limited
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
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