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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, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- White Energy Company Limited
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
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