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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
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