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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- White Energy Company Limited
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
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