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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
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