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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
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