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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, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- SMC Global Power, Philippines
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
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