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