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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- PTC India Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
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