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