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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- PTC India Limited - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
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