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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
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