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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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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
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- Ceylon Electricity Board - Sri Lanka
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- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
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- Minerals Council of Australia
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- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- ICICI Bank Limited - India
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- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
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- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
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- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
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