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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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Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
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