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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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- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
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