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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
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