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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
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