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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.
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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
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