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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- The University of Queensland
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
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