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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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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Australian Coal Association
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
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