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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- White Energy Company Limited
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
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