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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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- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
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