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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Economic Council, Georgia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
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