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