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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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Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
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