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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
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