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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
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