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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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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
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