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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, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
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