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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- White Energy Company Limited
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
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