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