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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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Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
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- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Independent Power Producers Association of India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
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