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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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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
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