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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
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