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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
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