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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Australian Coal Association
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
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