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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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Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- The University of Queensland
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
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