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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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Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
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