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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
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