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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
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