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