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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, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
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- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Minerals Council of Australia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
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