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Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
 In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance even after the banning of Russian oil delivered by sea, Russian refined products will be banned within Q1--2023 and crude oil will be banned in December 2022.
Prior further expanding on what is Europe's plan to tackle the energy crisis its important to explain that most of European countries are interconnected on a power grid, which allows energy traders / countries to buy and sell energy on the spot depending on their needs / forecast at that time. Without the Grid infrastructure the energy cost for million households the past year could have been considerably higher than what we've faced.
Last week Berlin moved with seizing the local refining unit of Rosneft in Schwedt, meantime their government is also working to nationalize Uniper SE, steps towards a direction to be more dependent and further control the energy production. Up to now we still haven't seen Russia's retaliation on that move.
Now European diesel buyers are stepping up, the Russian diesel still trades on a discount, but not at the discount traders were enjoying on May, i.e., $30pmt but anything between $6pmt to $10pmt for NEW and Med respectively. Worth mentioning that due to price backwardation (oil prices expected to be lower than the price if were supposed to be bought today) traders are still avoiding cargo stocking as their not adding any value on their books.
Russia to year still supplied 44% of the total diesel supply and Rosneft posted a 13$ rise in midyear profit.
The East CPP MR and LR market remains bullish, with MR's leading the race in Feast markets, at present the MR Pacific basket is averaging $67,000 pdpr. Moving to MEG and WCI market softens slightly but still very healthy rates for MR's and LR1's. 35KT SIKKA/JAPAN stand at $38,000 pdpr and TC5 55KT AG/JAPAN $54.593 PDPR.
MR Atlantic basket has significantly improved since early December with TC2 (37KT ARA/USAC OR WAF stands at $30,441 pdpr for USAC discharge and $35,676 pdpr for WAF. The Backhaul from USG performs poorly if compared to last week $13,598 pdpr and LR1 60KT ARA/WAF $36,000 pdpr.
While Europe is still working on keeping us from freezing the upcoming winter, many traders and government officials express their concerns on how we will manage to keep the engine running under these harsh conditions.
By Dimitris Kourtesis
Tanker 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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
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