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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
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