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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, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Parliament of New Zealand
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
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