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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- The University of Queensland
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
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