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