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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.
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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
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