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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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Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
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