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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- The University of Queensland
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- MS Steel International - UAE
- Planning Commission, India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
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