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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
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