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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
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