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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Planning Commission, India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
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