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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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Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- The University of Queensland
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
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