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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, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
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