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Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
 “While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving forward with N. America and Europe leading the race. In this context, demand for oil products is expected to recover during the next quarters. While more people get vaccinated and travel restrictions are eased by governments, global oil products inventories are estimated to have dropped close to the 5 year average range for this time of year, with the Atlantic driving most of the destocking, thus refineries production will have to gradually increase looking forward.
As per the latest IEA report, in 2020 we saw a record decline in oil demand by 8.5 MB/D, which is now expected to rebound by + 5.4 MB/D in 2021 and to fully recover to pre-pandemic levels by end of 2022 with an additional +3.1 MB/D. Global gasoline demand is most likely to lag other oil products in returning to pre-covid numbers, as the combination of teleworking and the increase of electric cars will play a major role in the next two years. However, last to see a full demand recovery will be jet fuel, as international aviation has a long way to go until most of the population is vaccinated and consumers’ preferences normalize to pre-COVID levels, likely to take place after 2022.
For the time being, with bunker prices hovering at low to mid USD 500 PMT for VLSFO and close to USD 600 PMT for MGO, TCEs for tankers have been suppressed further on top of weak fundamentals. Nevertheless, tanker Owners are hopeful that the market will start recovering, as the market trough we are experiencing will soon be exhausted.
Charterers now working most of the cargoes privately to prevent owners from being bullish and from time to time we are seeing long tonnage lists that further weaken the market.
VLCC rates are still moving close to zero tce’s or even at some cases “moving” at negative numbers, there was some additional movement on the WAF/EAST route but was not enough to push rates, same story with Aframaxes and Suezmaxes east of Suez, rates remained flat with Aframaxes around ws90 @ 80kmt (usd 1,750 p/d) and Suezmaxes at ws54-55 @ 130kmt. In the Mediterranean, Aframaxes tried to work their way and push rates slightly higher but was quite unfortunate, owners still working cross-med cargoes at low ws90 levels @ 80kmt (usd 2,665 p/d), Suezmaxes are being left spot as the scarce availability of cargoes limits the option of picking a cargo without a negative return.
CPP MR east of Suez they are pretty much bottomed out with a lot of Singapore ballasters joining the Fujairah list as they have aggressively been capped by LR1’s that had long tonnage lists trying to kill some time with short voyages, cross AG still stands at below USD 200k levels, (usd170k-180k) and AG/EAFR standing at WS154 @ 35KMT, (tce circa usd 6,500 pdpr) LR’1 & LR2’S freight market continues to soften this week, with TC1(AG/JAPAN) at WS75 and LR1’S dropping below WS90 to Japan. In Med, not much happening on the MRs as mentioned earlier many of the ships are being swept from the market on a private basis without showing the cargoes to the market, cross med cargoes are being fixed at sub ws125 levels and BSEA/MED at WS134-135. Continent still drives the market as the most active in West of Suez, TC stands 37@WS110 (abt 2300 usd/day) with the ARA/WAF at some cases loosing full of its premium points, despite owner’s preference to pick voyages with WAF options as the demurrage improves their returns.”
By Dimitris Kourtesis,
Tanker Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Planning Commission, India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
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