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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Australian Coal Association
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
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