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