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