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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- PTC India Limited - India
- The Treasury - Australian Government
- The University of Queensland
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
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