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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, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Australian Coal Association
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
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