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Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
 “While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving forward with N. America and Europe leading the race. In this context, demand for oil products is expected to recover during the next quarters. While more people get vaccinated and travel restrictions are eased by governments, global oil products inventories are estimated to have dropped close to the 5 year average range for this time of year, with the Atlantic driving most of the destocking, thus refineries production will have to gradually increase looking forward.
As per the latest IEA report, in 2020 we saw a record decline in oil demand by 8.5 MB/D, which is now expected to rebound by + 5.4 MB/D in 2021 and to fully recover to pre-pandemic levels by end of 2022 with an additional +3.1 MB/D. Global gasoline demand is most likely to lag other oil products in returning to pre-covid numbers, as the combination of teleworking and the increase of electric cars will play a major role in the next two years. However, last to see a full demand recovery will be jet fuel, as international aviation has a long way to go until most of the population is vaccinated and consumers’ preferences normalize to pre-COVID levels, likely to take place after 2022.
For the time being, with bunker prices hovering at low to mid USD 500 PMT for VLSFO and close to USD 600 PMT for MGO, TCEs for tankers have been suppressed further on top of weak fundamentals. Nevertheless, tanker Owners are hopeful that the market will start recovering, as the market trough we are experiencing will soon be exhausted.
Charterers now working most of the cargoes privately to prevent owners from being bullish and from time to time we are seeing long tonnage lists that further weaken the market.
VLCC rates are still moving close to zero tce’s or even at some cases “moving” at negative numbers, there was some additional movement on the WAF/EAST route but was not enough to push rates, same story with Aframaxes and Suezmaxes east of Suez, rates remained flat with Aframaxes around ws90 @ 80kmt (usd 1,750 p/d) and Suezmaxes at ws54-55 @ 130kmt. In the Mediterranean, Aframaxes tried to work their way and push rates slightly higher but was quite unfortunate, owners still working cross-med cargoes at low ws90 levels @ 80kmt (usd 2,665 p/d), Suezmaxes are being left spot as the scarce availability of cargoes limits the option of picking a cargo without a negative return.
CPP MR east of Suez they are pretty much bottomed out with a lot of Singapore ballasters joining the Fujairah list as they have aggressively been capped by LR1’s that had long tonnage lists trying to kill some time with short voyages, cross AG still stands at below USD 200k levels, (usd170k-180k) and AG/EAFR standing at WS154 @ 35KMT, (tce circa usd 6,500 pdpr) LR’1 & LR2’S freight market continues to soften this week, with TC1(AG/JAPAN) at WS75 and LR1’S dropping below WS90 to Japan. In Med, not much happening on the MRs as mentioned earlier many of the ships are being swept from the market on a private basis without showing the cargoes to the market, cross med cargoes are being fixed at sub ws125 levels and BSEA/MED at WS134-135. Continent still drives the market as the most active in West of Suez, TC stands 37@WS110 (abt 2300 usd/day) with the ARA/WAF at some cases loosing full of its premium points, despite owner’s preference to pick voyages with WAF options as the demurrage improves their returns.”
By Dimitris Kourtesis,
Tanker 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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
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