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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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
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