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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.
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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Oldendorff Carriers - Singapore
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Planning Commission, India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
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