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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Minerals Council of Australia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
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