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Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
 November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stations around the world repeatedly. Now the shipping question is, “will the tanker segment get what it wants this Christmas”?
For gas, dry and container Christmas has arrived very early in 2021 with earnings reaching levels not seen for more than a decade putting an overdue smile on ship owners faces.
So has the time come eventually for the tankers as well? There have been a few false alarms this year. One in early 2021 and one just before the summer. The activity on the SnP was mainly for Aframax and VLCCs and was purely driven by speculation or otherwise put “counter-cyclical” investment behavior, while the actual freight market remained subdued. That resulted into tanker asset values increasing especially on the Aframax size. And shortly after that we saw the same ships sold less than a month ago to be again for sale in an asset play attempt to flip them for a short profit.
We think that now is the time to buy. Compared to the dry bulk and container markets where the upcycle is mainly driven by demand, tankers on the other hand are mainly oil and products supply depended. As product tanker earnings seem to be taking the lead in the tankers recovery and hopefully soon the crude tankers will follow with late Q4 being the inflection point for an upward market reversal. The oil products destocking cycle is expected to come to an end during Q4, when winter restocking demand for middle distillates products will be at its peak, and refineries are expected to accelerate their runs to cover the energy deficit. Refineries are set to benefit from the increase in diesel and jet fuel prices a trend that should unfold through Q1 2022. The market seems well positioned for rising heating oil/ diesel consumption in the Atlantic, as well as jet fuel, and thus East to West middle distillates trade is expected to pick up. Naphtha trade is also expected to pick up in the short term, as naphtha has become cheaper than propane as a feedstock in the petrochemical industry benefiting the West/Med to East naphtha trade. Gasoline exports from Europe to the U.S. are also expected to rise on open arbitrage North West Europe- USAC on the forward curve and low inventories in the US. Gasoline flows from East of Suez into West Africa are expected to decline by the end of the year, as Asia is seeking to keep supplies to serve domestic demand, which is likely to lead to an increase in demand for European gasoline supplies from West Africa and US East Coast simultaneously.
Based on what we see and anticipate as stated above the increase of product prices and the need to refill the inventories will be key to the extent of the market recovery over the next year.
This could be a good timing to buy product carriers. We are starting to see increased SnP activity mainly for 12-14 year old MRs and 10 to 5 year old LR2s. Strange mix but this is where the majority of buyers are concentrating. MR1s are not yet of interest and on the LR1s buyers are reacting mostly to units less than 10 years old but there are not a lot for sale, at least not yet. Values have remained stable over the past two months but we do not expect them to stay put. It’s a small window to invest now where the market is still in favor of the buyers.
By Timos Papadimitriou,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Star Paper Mills Limited - India
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- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
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- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
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- SMC Global Power, Philippines
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
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- Australian Coal Association
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- Banpu Public Company Limited - Thailand
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- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
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- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
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- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
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- Eastern Coal Council - USA
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- Gujarat Electricity Regulatory Commission - India
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- VISA Power Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Economic Council, Georgia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
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- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
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- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
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- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- The University of Queensland
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
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- Parry Sugars Refinery, India
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