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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, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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