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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, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- The University of Queensland
- CNBM International Corporation - China
- Minerals Council of Australia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Australian Coal Association
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
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