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