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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
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- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- PTC India Limited - India
- Marubeni Corporation - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
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