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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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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Showing 361 to 365 news of total 6871 |
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- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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