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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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Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
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- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
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