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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, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- White Energy Company Limited
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
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