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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Planning Commission, India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
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