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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
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