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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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Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
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