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