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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
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