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