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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- The University of Queensland
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
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