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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
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