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