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