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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, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
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- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
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