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Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
 November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stations around the world repeatedly. Now the shipping question is, “will the tanker segment get what it wants this Christmas”?
For gas, dry and container Christmas has arrived very early in 2021 with earnings reaching levels not seen for more than a decade putting an overdue smile on ship owners faces.
So has the time come eventually for the tankers as well? There have been a few false alarms this year. One in early 2021 and one just before the summer. The activity on the SnP was mainly for Aframax and VLCCs and was purely driven by speculation or otherwise put “counter-cyclical” investment behavior, while the actual freight market remained subdued. That resulted into tanker asset values increasing especially on the Aframax size. And shortly after that we saw the same ships sold less than a month ago to be again for sale in an asset play attempt to flip them for a short profit.
We think that now is the time to buy. Compared to the dry bulk and container markets where the upcycle is mainly driven by demand, tankers on the other hand are mainly oil and products supply depended. As product tanker earnings seem to be taking the lead in the tankers recovery and hopefully soon the crude tankers will follow with late Q4 being the inflection point for an upward market reversal. The oil products destocking cycle is expected to come to an end during Q4, when winter restocking demand for middle distillates products will be at its peak, and refineries are expected to accelerate their runs to cover the energy deficit. Refineries are set to benefit from the increase in diesel and jet fuel prices a trend that should unfold through Q1 2022. The market seems well positioned for rising heating oil/ diesel consumption in the Atlantic, as well as jet fuel, and thus East to West middle distillates trade is expected to pick up. Naphtha trade is also expected to pick up in the short term, as naphtha has become cheaper than propane as a feedstock in the petrochemical industry benefiting the West/Med to East naphtha trade. Gasoline exports from Europe to the U.S. are also expected to rise on open arbitrage North West Europe- USAC on the forward curve and low inventories in the US. Gasoline flows from East of Suez into West Africa are expected to decline by the end of the year, as Asia is seeking to keep supplies to serve domestic demand, which is likely to lead to an increase in demand for European gasoline supplies from West Africa and US East Coast simultaneously.
Based on what we see and anticipate as stated above the increase of product prices and the need to refill the inventories will be key to the extent of the market recovery over the next year.
This could be a good timing to buy product carriers. We are starting to see increased SnP activity mainly for 12-14 year old MRs and 10 to 5 year old LR2s. Strange mix but this is where the majority of buyers are concentrating. MR1s are not yet of interest and on the LR1s buyers are reacting mostly to units less than 10 years old but there are not a lot for sale, at least not yet. Values have remained stable over the past two months but we do not expect them to stay put. It’s a small window to invest now where the market is still in favor of the buyers.
By Timos Papadimitriou,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
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