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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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Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
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