Week 44 Odin Weekly Specialty Tanker Review November 03, 2020

BUNKER PRICING: HOUSTON MGO WEEKLY AVE  HIGH 375.00  MID 366.60  LOW 362.00
US GULF COAST BUNKER PRICING: HOUSTON VLSFO (.5%) WEEKLY AVE  HIGH 313.00  MID 302.40  LOW 292.00

Loading Houston (Easy Chemicals) US Gulf Activity

Transatlantic East 1 Month Projection: Stable/Firming
Discharge 1,000 MTs 3,000 MTs 5,000 MTs 10,000 MTs • Notable Spot Inquiries: 5,000 CBM Ethanol (fuel), USG/ARA, 2H Oct. 10,000 MTs PX, USG/Algeciras, 1-10
Dec. 2,500 MTs Vegoils, New Orleans/Damietta, 20-30 Nov. 6,000 MTs MEG; Houston / Gebze; 1-10 Nov.
Rotterdam $78-80 $53-56 $49-52 $45-48 • Space Opportunities: “Navig8 Constellation” 8-20 Nov USG/Med. “Chemical Hunter” 5-15 Nov USG/Med.
“Giancarlo D” 15-20 Nov Norfolk/Cont-S.Spain. “MTM Shanghai” 20-30 Nov USG/Med.
Santos $91-95 $66-71 $58-60 $48-50 • Notable Fixtures: “Chemical Enterprise” fixed 3,000 MTs Ethanol, Nola/Iskenderun, ppt @ USD 90 PMT.
• Market Condition: There were several MEG parcels in the market, quoted mostly to the Med along with
Gebze $122-125 $89-91 $72-75 $66-69 ethanol, vegoils, PX, and even some ACN. A trader did manage to fix one MEG stem off 2H Nov dates,
while two ethanol parcels also fixed to Turkey. Rates are holding to the Continent, but 10kt to Med did
Cartagena (Col) $66-70 $47-51 $38-41 $30-32 come off slightly given the amount of ships willing to go on berth. Little activity USG / ARA.
South Bound, Latin America 1 Month Projection: Stable
Altamira $40-44 $31-35 $26-28 $19-22 • Notable Spot Inquiries: 2,000 MTs Base Oils, USG/Rio De Janeiro, 1H Nov. 15,000 MTs EDC,
USG/Aratu+Maceio, 25-30 Nov.
• Space Opportunities: “UACC Mansouria” 10-24 Nov USG/ECSA.
Loading Houston (Easy Chemicals) • Notable Fixtures: Few reported fixtures.
• Market Condition: EDC, CSS and basoils continued to move. Rates are holding steady to slightly
Discharge 1,000 MTs 3,000 MTs 5,000 MTs 10,000 MTs weakening given the amount of fully opened positions in the USG that could come on berth for a larger
parcel.
Kandla/Mumbai $108-111 $80-85 $76-81 $67-71 Transpacific West 1 Month Projection: Stable
• Notable Spot Inquiries: 10,000 MTs EDC; USG/Fareast; 2H Nov.
Ulsan $119-124 $69-74 $65-68 $63-65 • Space Opportunities: “Navig8 Grace” 1-3 Nov w/4kt USG/FE. “TRF Memphis” 9-15 Nov USG/SEA.
“Chembulk Hong Kong” 17-25 Nov USG/FE. “BW Swift” 11-15 Nov USG/FE. “Alfred N” 15-21 Nov USG/FE.
Ningbo $128-133 $80-87 $68-71 $64-66 • Notable Fixtures: Few reported clean fixtures, some phenol and SM noted on subjects
• Market Condition: There were a few cargos quoted this week that managed to be fixed with subjects
Singapore $127-131 $89-91 $76-79 $71-74 such as 3kt phenol to Taiwan and some 5-6kt lots of chems to Asia. Rates are staying stable given the
amount of open positions available for November. No evidence yet of an end of year push.
BUNKER PRICING: SANTOS MGO WEEKLY AVE  HIGH 439.50  MID 422.70  LOW 413.50
SOUTH AMERICA BUNKER PRICING: SANTOS VLSFO (.5%) WEEKLY AVE  HIGH 322.50  MID 316.10  LOW 309.50

Loading Santos (Easy Chemicals) South America Activity

North Bound + Asia 1 Month Projection: Stable
Discharge 5,000 MTs 10,000 MTs 15,000 MTs • Notable Spot Inquiries: 3,000 MTs Chems, Aratu/EU-India-Asia options, 2H Nov-1H Dec.
• Space Opportunities: “Horin Trader” ppt Brazil. “Songa Winds” 5-15 Nov Brazil. “Bunga Lilac” 10-25 Nov
Rotterdam Brazil/FE. “Snow Ploeg” 15-25 Nov Brazil. “MTM Antwerp” 1H Dec ECSAM.
$82-87 $58-63 $46-50
• Notable Fixtures: Few parcels were noted fixed, but their were a number of ethanol shipments noted on
berth for end Oct/ely Nov dates according to port lineups. The lineups even noted some Mid Nov
Houston $53-58 $47-50 $39-44
ethanol liftings to Asia and the Med.
• Market Condition: The market sentiment continued along its quiet state. There were only a few
USAC $63-68 $57-60 $49-54
chemical parcels quoted, but traders were exploring options to Europe, India, and Asia for November
and December dates. Ethanol continued to be looked to Asia and the US, but vegoils remain quiet as did
Ulsan $90-95 $78-82 $72-77 biodiesel which remained absent.

CPP / Vegoil Rates CPP – The USG market is really struggling to

$80 350 CPP / VEGOILS MARKET ASSESSMENT
gain momentum and the number of spot
$75
300
vessels grows. The MR Atlantic basket
$70 CPP Rates Basis 38kt Ely WK Mid WK End WK initially saw US$7,942 PD values early in the
$65 250 week, but then fell sharply to US$6,400 PD
$60
CBS/USAC WS 88.0 WS 88.0 WS 87.5 by weeks end. The MR pacific basket fell to
200
$55 similar levels settling around US6,880 PD on
USG/ECSAM WS 73.0 WS 72.5 WS 73.0
$50
150 Friday.
$45 100 USG/ECMEX $150,000 $150,000 $150,000
$40 Vegoils – The weakened Argie market
50 USG/CHILE $975,000 $975,000 $975,000 continued to put downward pressure on
$35

$30 0
rates across the board. 40kt Argie/Mumbai
USG/UKC-MED WS 55.0 WS 55.0 WS 55.0 was bringing in US$39-40 PMT values, while
UKC/STATES WS 85.0 WS 85.0 WS 75.0 32-34kt was seeing rates b/w US$42-43
WS PMT. 25kt Argie/Med is seeing rates around
USD/
MT
25kt Vegoil, Arg/Med 40kt Vegoil, Arg/China
USG/INDIA $1,225,000 $1,225,000 $1,225,000 US$40 PMT and 40kt to China stayed in the
34kt Vegoil, Arg/Mumbai 38kt CPP Caribs/USAC (WS) high 40s PMT.
38kt CPP USG/Brazil (WS)
USG/N.CHINA $1,200,000 $1,200,000 $1,200,000

The information contained within this report www.odingroup.com is the opinion of Odin Marine Group

USA – NY / CT / TX Europe - Rotterdam Mediterranean - Barcelona Asia - Singapore Middle East - Dubai
+1-203-969-3400 +31-88-350-0700 +34-93-809-9477 +65-6333-1800 +971-4-382-3933
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 Week 44 Odin Weekly Specialty Tanker Review November 03, 2020
BUNKER PRICING: ROTTERDAM MGO WEEKLY AVE  HIGH 335.00  MID 322.40  LOW 312.00
NORTH WEST EUROPE BUNKER PRICING: ROTTERDAM VLSFO (.5%) WEEKLY AVE  HIGH 310.00  MID 298.60  LOW 292.00

Loading Rotterdam (Easy Chemicals) North West Europe Activity

Transatlantic West Activity 1 Month Projection: Weak
• Notable Spot Inquiries: 5,000 MTs BTX, Gonfreville/USEC, 25–30 Nov. 4,000-6,000 MTs BTX, ARA/San
Discharge 1,000 MTs 3,000 MTs 5,000 MTs 10,000 MTs
Martin, 01-10 Nov. 5,000 MTs Pygas, Rijeka/ARA or USG, 2H Nov. 6,000-8,000 MTs Methanol, Hamina
USAC or Kotka/USG, mid Nov. 5,000 MTs BTX, ARA/USG, 04-10 Nov.
$82-87 $52-57 $45-49 $36-39
• Space Opportunities: “Stolt Viking” ppt w/3kt ARA/USEC-Miss River. “Alfred N” ppt w/3kt
Houston Rotterdam/USG via USEC. “Bow Cedar” 8-10 Nov ARA/USG. “Skarven” ppt ARA/USAC-USG. “Nordic
$82-87 $52-57 $45-49 $36-39
Maya” 01-03 Nov S Spain/USEC-USG. “Tasing Swan” 05-10 Nov EMED/ECUS-USG-MEX. “Diamond-T”
Yanbu 30-31 Oct w/10-12kt BSEA/USA.
$98-104 $82-85 $69-73 $60-63
• Notable Fixtures: Hansa fixed 15,000 MTs PX, Antwerp/Wilmington+Charleston; end Oct @ USD low
Kandla/Mumbai 30 PMT. 18,000 MTs SUA, Ronnskaer + Pori / USA, end Nov/ely Dec fixed @ undisclosed rates.
$92-96 $82-85 $69-73 $60-65
• Market Condition: Another quiet week on the western front where aromatics and methanol still
Singapore $86-94 $82-90 $73-79 $62-67 dominate the slim spot pickings. Caustic has long been missed, but may also fix under the radar, quick
and quietly. Space is still ample.
Ningbo $108-114 $95-104 $81-87 $72-80 Continent to WC India – Fareast Activity 1 Month Projection: Weak
• Notable Spot Inquiries: 1,000 MTs Glycols, Rotterdam/Yokohama, 2H Nov. 2,000 MTs Hexane, Black
Kaohsiung $106-112 $95-104 $80-85 $72-80 Sea/WCI, 2H Nov. 10,000-13,000 MTs Methanol, Arzew/Kandla, 20 – 30 Nov.
• Space Opportunities: “Sea Ploeg’’ 27 Oct-07 Nov, ARA/India. “Chembulk Virgin Gorda” 01-15 Nov
Loading Rotterdam (Easy Chemicals) Cont/AG. ‘’Oriental Viola’’ 03-17 Nov Cont/WCI. “Stolt Virtue” 05-15 Nov w/3kt ARA/FEAST. ‘’Bow
Star’’ 28 Nov-06 Dec w/15k, ARA/FEAST.
• Notable Fixtures: Oriental Freesia fixed on subs w/ 5,000 MTs SM, Rotterdam / WCI, 05-15 Nov.
Discharge 1,000 MTs 2,000 MTs 3,000 MTs 5,000 MTs
• Market Condition: Eastbound markets remain slow in general. Besides the usual small parcels, traders
are again trying for a Methanol stem ex Arzew to India. It is also rumored that some SM has been
East Med $72-77 $62-67 $55-59 $45-49
fixed on subs to WC India. AG/WC India destinations are outweighing the few Far East requirements
that are there. In addition Owners scheduled to the Far East don’t have an easy time filling up their
West Med $63-68 $49-54 $43-49 $32-36 tanks wherefore rates are expected to start softening should this trend continue.

BUNKER PRICING: ALGECIRAS MGO WEEKLY AVE  HIGH 361.00  MID 350.80  LOW 339.00
MEDITERRANEAN BUNKER PRICING: ALGECIRAS VLSFO (.5%) WEEKLY AVE  HIGH 320.00  MID 314.00  LOW 307.00

Mediterranean Activity
Loading Algeciras (Easy Chemicals) Mediterranean Market Activity 1 Month Projection: Stable
• Notable Spot Inquiries: 5,000 MTs BTX, Adriatic/ARA, 21–23 Nov. 12,000-15,000 MTs CSS,
Med/Yumurtalik a/o San Nicolas, prompt. 2,500-3,000 MTs Methanol, Ravenna/Ravenna, 3–5 Nov.
Discharge 2,000 MTs 3,000 MTs 4,000 MTs 5,000 MTs 5,000 MTs Pygas, Priolo/Barcelona or ARA, 7–8 Nov.
• Space Opportunities: “Oriental Freesia” 15-20 Nov W.Med/Cont. “Med Pakize” 8-12 Nov
C.Med,Gib/ARA. “Concerto” 16-30 Nov W.Med/Far East. “Global Glory” 12-23 Nov Gela/SEA. “Nordic
East Med $52-56 $49-51 $38-40 $33-35 Maya” 31 Oct-5 Nov S.Spain/USG via USEC. “Tasing Swan” 4-10 Nov E.Med/USAC,USG,Mexico.
• Notable Fixtures: 5,700 MTs Pygas, Priolo/Barcelona or ARA, 7–8 Nov @USD 128,500 LPS bss BCN or
USD 230,000 LPS bss ARA. 5,000 MTs CSS, Port Said/Ravenna, 14 Oct @ undisclosed rates.
Cross Med $28-32 $23-26 $19-21 $17-19 • Market Condition: Activity improved considerably; driven specially by MTBE, pygas, caustic soda and
BTX. The intra Med trades heavily dominated even though the Continent also took part of the game.
Freight rates remain more or less unchanged while several European countries are imposing more
ARA $41-45 $34-38 $30-33 $29-31 restrictions to stop the new outbreaks of covid-19 with the arrival of the winter. It remains to be seen
how much it will affect to the Mediterranean chemical market.

BUNKER PRICING: ISTANBUL MGO WEEKLY AVE  HIGH 385.00  MID 376.20  LOW 368.00
BLACK SEA BUNKER PRICING: ISTANBUL VLSFO(.5%) WEEKLY AVE  HIGH 338.00  MID 329.00  LOW 320.00

Black Sea Activity

Loading Constantza (Easy Chemicals) Black Sea Activity 1 Month Projection: Weak
• Notable Spot Inquiries: 3,000 MTs CSS, Constanta/Haifa, Nov. 6,000 MTs CPP, Cross Black Sea, 8 Nov.
2,500-3,000 MTs Vegoils, Dneprobugskiy/Mersin, 8–11 Nov. 5,700 MTs Vegs, Bsea/E.Med, 7–15 Nov.
Discharge 2,000 MTs 3,000 MTs 4,000 MTs 5,000 MTs • Space Opportunities: “Fairchem Forte” 20-25 Nov SOM. “Global Lake” 28 Nov-3 Dec, SOM. “Habip
Bayrak” 31 Oct-5 Nov B.Sea/Med,Cont. “Harbour Fashion” 10-15 Nov Varna. “Heather” 10-15 Nov
SOM. “Lisse” 2H Nov B.Sea. “Oriental Acacia” 5-10 Nov Solventas. “Seaven Voyager” 13-18 Nov B.Sea.
Spain Med $54-56 $41-45 $39-41 $35-38 • Notable Fixtures: 4,000 MTs Benzene, Chornomorsk/Tees, ely Nov @ undisclosed rates. 4,000 MTs
CSS, Constanza/Izmit, 23–24 Oct @ undisclosed rates. 4,500 MTs CSS, Constanza/Izmit, 22–23 Oct.
• Market Condition: Activity was focused on some caustic soda shipments from Constanta towards
Izmit and Haifa. The week ended with the tragic news of a strong earthquake that hit the Aegean Sea
ARA $79-83 $58-62 $55-58 $48-51
on Friday causing major damages in both Greece and Turkey.

The information contained within this report www.odingroup.com is the opinion of Odin Marine Group

USA – NY / CT / TX Europe - Rotterdam Mediterranean - Barcelona Asia - Singapore Middle East - Dubai
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 Week 44 Odin Weekly Specialty Tanker Review November 03, 2020
BUNKER PRICING: SINGAPORE MGO (.1%) WEEKLY AVE  HIGH 333.00  MID 329.40  LOW 324.00
ASIA BUNKER PRICING: SINGAPORE VLSFO (.5%) WEEKLY AVE  HIGH 329.00  MID 321.80  LOW 314.00

Loading Ulsan (Easy Chemicals) Asia Activity

Inter-Asia Activity 1 Month Projection: Stable
Discharge 1,000 MTs 3,000 MTs 5,000 MTs 10,000 MTs • Notable Spot Inquiries: 13,500 MTs Baseoil, Pyeongtaek/ Mumbai + Pipavav, 23-28 Nov. 1,200
MTs Ethanol, Ulsan/Haiphong, mid Nov. 3,000 MTs Acetone(2kt)+Phenol(1kt), Yosu/Caojing,
Houston $115-121 $82-87 $59-64 $52-56 20-25 Nov.
• Space Opportunities: “Falcon Chemist" 6 Nov w/3kt South korea/Any direction. "Stolt
USWC $109-115 $66-71 $49-52 $44-47 Voyager" 28-30 Nov w/3kt mid China or Korea/Any direction.
• Notable Fixtures: 15,000 MTs chems, Thailand/WCI, ely Nov fixed @ undisclosed rates. 12,000
Rotterdam $135-138 $108-113 $84-87 $72-75 MTs AA, Kerteh/WCI, 1H Nov fixed @ USD low 30s PMT bss 1:4.
• Market Condition: This week has proven to be a fairly stable week. A few new inquiries are
Ningbo $40-42 $22-24 $15-17 $11-13 hitting the spot market, which could be charterers trying to clear off requirements before
closing of the year, among which Petronas is heard moving a fair amount of specialty
Kandla/Mumbai $61-64 $54-56 $44-46 $35-37 chemicals towards WCI/Jubail this week. Despite this activity rates seem not to be affected
much considering the amount of open space. Owners unfortunately have no options but just
to fix at last done level. Some small parcels seen for Intra SEA market, but apart from that the
Loading Singapore (Easy Chemicals) region remain quiet, stabilizing the rates.

Discharge Long-Haul Market Activity 1 Month Projection: Stable

1,000 MTs 3,000 MTs 5,000 MTs 10,000 MTs • Notable Spot Inquiries: 20,000 MTs CSS or Methanol, China/NCSA or Caribs range, mid Dec.
• Space Opportunities: “Norma” 7-10 Nov mid China/Med, Cont, Baltic. “Mid Eagle" 1-15 Nov
Houston $138-148 $105-112 $82-88 $61-65
FEA/Med.
• Notable Fixtures: 14,000 MTs Methanol, Taicang/USG, ely Nov @ undisclosed rates.
Rotterdam $122-132 $89-94 $71-74 $59-64 • Market Condition: The slow activity in the long haul market has marked another week of
dullness. Most of the requirements are regular movements, therefore exert no pressure on
Ningbo $49-51 $41-43 $32-34 $26-28 space. Any prompt small parcel is able to find position in the spot market as there are vessels
looking for completion cargos loading Nov dates.
Kandla/Mumbai $49-51 $41-43 $37-39 $31-33

BUNKER PRICING: FUJAIRAH MGO (.1%) WEEKLY AVE  HIGH 430.00  MID 426.40  LOW 421.00
MIDDLE EAST BUNKER PRICING: FUJAIRAH VLSFO (.5%) WEEKLY AVE  HIGH 327.00  MID 322.40  LOW 315.00

Loading Al Jubail (Easy Chemicals) Arabian Gulf Activity

Inter Arabian Gulf Market 1 Month Projection: Weak
Discharge 5,000 MTs 10,000 MTs 15,000 MTs • Notable Spot Inquiries: 6,000-9,000 MTs BTX; Cross-AG; 2H Nov.
• Space Opportunities: “Riva” open AG prompt. “Leon M” open AG prompt. “UACC Consensus”
ARA $68-71 $61-64 $55-58 open AG prompt. “Rich Breeze” open AG prompt. “Atlanta T” open AG prompt.
Kandla/Mumbai $27-30 $23-26 $18-21 • Notable Fixtures: “Lime Galaxy” fixed abt. 3,350 MTs Chems; Cross-AG; end Oct @
Undisclosed rates.
Merak/Jakarta $42-45 $36-39 $32-35 • Market Condition: Another slow week for CPP and Chems. Several ships open prompt
onwards.
Med $62-65 $55-58 $50-53
East and West Bound Market Activity 1 Month Projection: E. Weak / W. Weak
Kaohsiung $46-49 $40-43 $36-39
• Notable Spot Inquiries: 12,000 MTs Lubes; AG/China; Nov dates. 18,000 MTs Chems; WCI/SEA
Ningbo $51-54 $44-47 $40-43 or FEA; 1H Nov. 2,000 MTs Chems; AG/Med; End Nov. 3,000 MTs CPP; RSEA/AG or SEA; Mid
Nov. 7,500 MTs Chems; RSEA/AG; Mid Dec. 2,000 MTs Chems; AG/FEA; Mid Dec.
US Gulf Coast $88-91 $75-78 $65-68 • Space Opportunities: “Straum” open AG prompt . “Navig8 Adamite” open AG prompt.
“Oriental Rose” ppt AG/WMed. “Nilufer Sultan” open AG prompt. “MTM Savannah” ppt
Estimated Spot Potential Earnings RSEA/AG-WCI. “Bum Shin” open WCI ely Nov. “Bhairavi” 1H Nov w/1-2kt AG/WCI.
(loading easy chemicals | Main Port to Main Port basis 20k dwt) • Notable Fixtures: “Stena Immaculate” fixed abt. 35,500 MTs Chems; AG/China; 19-25 Oct @
25000
Undisclosed.
20000 • Market Condition: Subdued activity in all directions. There were a few smaller parcels floated
15000
this week, however given current freight levels and the lack of sizeable base cargoes, interest
has largely been limited to scheduled ships with balance space. Full- and part space
10000 opportunities are presently outweighing demand. Jubail/Pak/WCI (Kandla/Mumbai/JNPT)
5000 congested for a minimum 2-3 days & COA liftings continue to be healthy.
0

-5000
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 3 6 9 12 15 18 21 24 27 30 33 36 39 42
USD/ Jan Feb Mar AprMay Jun Jul Aug SepOct Nov Dec Jan FebMarAprMay Jun Jul AugSep Oct
DAY
2019 2020
AG-CONT-WCI TCE CONT-FE-CONT TCE

The information contained within this report www.odingroup.com is the opinion of Odin Marine Group

USA – NY / CT / TX Europe - Rotterdam Mediterranean - Barcelona Asia - Singapore Middle East - Dubai
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 Week 44 Odin Weekly Specialty Tanker Review November 03, 2020

GLOBAL WEEKLY TRENDS ALL RATES BASIS LOADING 5,000 MTS OF EASY CHEMICALS

$59 $48
$47

Rotterdam / Houston
Houston / Rotterdam

$54 $42
$52
$39
$49 $51 $36

$44 $30
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
USD/ USD/
MT MT
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2018 2019 202

$85
Houston / MP Fareast

$80

Rotterdam / Ulsan
$82 $83
$70 $67
$81
$60 $64 $79

$50 $76
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 USD/
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
USD/
MT MT
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2018 2019 2020
$68
$75
$62
Houston / Santos

Santos / Houston

$68
$61 $56 $56
$61
$59 $54
$50
$54
$47 $44
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
USD/
USD/
MT Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec MT Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2018 2019 2020
$43
$68
MP. SEA / M. China

$62 $62 $37

$36
MP. FE / USG

$56 $56
$31 $33
$50
$44 $25
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
USD/ USD/
MT Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec MT Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2018 2019 2020
$36 $45
Rotterdam / WMED

$34 $34 $40

$38
MP. SEA / WCI

$32 $35 $37

$30
$30 $30
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
USD/ USD/
MT
MT Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

2018 2019 2020 2018 2019 2020

$45
$83
$40
$78
$35 $77
AG / ARA

$34
AG / WCI

$73
$30
$29 $70
$25 $68
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
USD/
USD/
MT
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec MT Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2018 2019 2020

The information contained within this report www.odingroup.com is the opinion of Odin Marine Group

USA – NY / CT / TX Europe - Rotterdam Mediterranean - Barcelona Asia - Singapore Middle East - Dubai
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 Week 44 Odin Weekly Specialty Tanker Review November 03, 2020

PLANTS, PROJECTS, BUNKERS, WEEKLY TRENDS FACTORS AFFECTING THE CHEMICAL MARKET

MGO Ave. Week 43 Week 44 VLSFO (.5%) Ave. Week 43 Week 44 Weekly Stock Performance (currency: USD = ASC, EUR = DIS, NOK = All others )
Houston [Delivered] 385.80 366.60 Houston [Delivered] 324.00 302.40 Symbols Week 39 Week 40 Week 41 Week 42 Week 43 Week 44
Santos [Delivered] 440.30 422.70 Santos [Delivered] 332.50 316.10 SNI.OL 80.52 80.98 85.18 90.84 90.90 88.08
Rotterdam [Delivered] 332.20 322.40 Rotterdam [Delivered] 310.00 298.60 ODF.OL 21.76 21.72 22.48 23.00 22.60 21.62
Algeciras [Delivered] 368.40 350.80 Algeciras [Delivered] 333.00 314.20 DIS.MI 0.0888 0.0872 0.0889 0.0892 0.0878 0.0825
Istanbul [Delivered] 396.00 376.20 Istanbul [Delivered] 346.40 329.00 ASC.NYSE 3.22 3.36 3.53 3.24 3.05 2.83
Singapore (.1) [Delivered] 343.40 329.40 Singapore [Delivered] 337.20 321.80
Fujairah (.1) [Delivered] 427.20 426.40 Fujairah [Delivered] 331.00 322.40
MARKET HEADLINES
Iranian authorities – extended COVID restriction by 10 days in more than 40 cities.
Plants and Production Updates [S/D = Shutdown | T/A = Turnaround | main = Maintenance] Austria – will start a second lockdown next week to suppress a new resurgence of Covid.
Mexico's Energy Regulatory Commission (CRE) - issued permits for private-sector fuel
Company Pod. Capacity Location Status retailers for the first time since March, 67 in total.
Hanwha Total 400,000 MT/yr SM Daesan, South T/A – Planned Main Next week's US presidential election - presents two superficially distinct paths for the US
No.1 unit Korea End Mar’21 for 3 weeks oil and gas industry - 4 more years of "energy dominance" or an accelerated renewables
Grand Astor 120,000 MT/yr PS Jiangsu, China T/A – Planned Main transition.
Chemical 8 Oct to ely Nov France – On Friday started a second national lockdown. Essential work will be permitted.
Germany - will impose a national lockdown next week, but less stringent than the first.
PetroChina Jinxi 60,000 MT/yr SM Liaoning, T/A – Planned Main Spain - declared a new national state of emergency and introduced a night-time curfew.
Petrochemical China 9 Jul to ely Nov
Abel Chemical 250,000 MT/yr SM Jiangsu, China T/A – Planned Main Estimated Spot Potential Earnings
(loading easy chems | Main Port to Main Port basis 20k dwt | Round Voyages)
Ely Sept TBD 20000
18000
Shandong 200,000 MT/yr MEG Dongying, S/D – replace catalyst 16000
Lihuayi Group Shandong, 4 Oct to 24 Oct 14000
China Reach full Cap by 5 Nov 12000
10000
Qianxi Coal 300,000 MT/yr MEG Qianxi, S/D – short disruption 8000
Chemical Guizhou, 16 Oct to 21 Oct 6000
China Fully recovered 27 Oct 4000
2000
International 1,400,000 MT/yr Methanol Al Jubail, S/D – unplanned
0
Methanol Saudi Arabia 23 Oct to 5 Nov 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 3 6 9 12 15 18 21 24 27 30 33 36 39 42
USD/
Company DAY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Sinopec 400,000 MT/yr MEG Guangdong, Started up – 27 Oct
2019 2020
Zhongke China Start up in late Sept failed Transatlantic TCE Transpacific TCE USG/ECSAM
Refining and to achieve mass
Chemical production, due to the IFO 380 [Delivered] Houston Santos Rotterdam Istanbul Fujairah Singapore
lack of feedstock. WK Ave $/MT 269.60 N/A 251.60 311.20 269.60 267.50

SALES, PURCHASES, TIME CHARTERS, & DEMOLITIONS MARKET ASSESSMENTS

Market Highlights: Covid-19 shutdowns in Europe, the upcoming election and the failed attempt at a
Sales, Purchase, Time Charter, Demolition Assessment further stimulus package in the U.S. are all factors continuing to weigh negatively on market sentiment.
The EIA reported that crude inventories continued to build. This highlights continued demand concerns.
Sale Price Assessment 19,000 DWT (STST) MR (Epoxy-II/III) Weakened energy markets have resulted in ExxonMobil announcing layoffs for up to 15 percent of its
global workforce – about 1,900 people in the U.S. alone. These cuts follow similar announcements by
NewBuilding (Korea-T3) $33,000,000 (JP) $34,500,000 Shell, BP and Chevron earlier in the year. One positive of lower crude pricing for shipowners has been the
continued low bunkers prices.
Prompt ReSale $33,500,000 $36,500,000 Overall the CPP market remains weak in both the East and West. An MR trades at USD 6,500 per day in
the West – essentially the same as last week. In the East, MRs have eased to a trading level of upper USD
5 – Year Sale $22,000,000 $26,500,000
6,000 per day. Down from last week’s mid-USD 7,000 per day. The weakness in CPP portends to lower
10 – Year Sale $13,000,000 $17,500,000 vegol and palm rates and we notice a month on month decrease of USD 2-4 in vegoil rates across the
board. Additionally, we continue to witness increased interest from MR owners in CSS, UAN and Bio-
Non-ECO COATED TC RATE (USD) COATED TC RATE (USD) feedstock cargoes.
(West) Odfjell will release their Q3 results on Thursday November 5th. It will be interesting to see the
1 YEAR 3 YEARS
comparisons to the second quarter and how the softer CPP market have impacted them overall.
13,000 DWT $8,900 PER DAY $9,500 PER DAY
Vessel DWT Year Coating TC / SnP / NB / Demo Comments
16,000 DWT $10,100 PER DAY $10,900 PER DAY
Stenaweco Energy 49,700 2014 Epoxy Fixed on 5-YR TC @ USD 15,000 PD
MR (III) $13,750 PER DAY $14,750 PER DAY
Stenaweco Evolution 49,700 2015 Epoxy Fixed on 5-YR TC @ USD 15,000 PD
Non-ECO STS TC RATE (USD) STST TC RATE (USD) Fantasia 51,400 2009 Epoxy Fixed on 6-Month TC @ USD 12,500 PD
(West) 1 YEAR 3 YEARS Nord Vantage 50,500 2018 Epoxy Fixed on 1-YR TC @ USD 16,00 PD
19,000 DWT $12,750 PER DAY $13,250 PER DAY Bei Jung 50,100 2009 Epoxy Sold to Greek Owners @ USD 13.2 Mill
25,000 DWT $15,250 PER DAY $16,000 PER DAY Zhu Jiang 50,200 2009 Epoxy Sold to Greek Owners @ USD 12.8 Mill

The information contained within this report www.odingroup.com is the opinion of Odin Marine Group

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