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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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Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
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- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- The University of Queensland
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Eastern Energy - Thailand
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