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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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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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