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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
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