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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
 Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased demand of clean products and increased refining capacity in the Middle East along with stronger global refining margins in Europe, have been boosting product trade to higher levels since the beginning of 2015.
Over the last couple of weeks, the MR market was not that active, which has resulted on softer rates. However, lack of prompt vessels along with some Charterers looking for LR1 tonnage in order to cover their MR cargoes in the MEG, started supporting rates. In brief we assess WCI/JAPAN basis 35kmt naphtha at W147.5-w150 and MEG/UKC jet fuel hovers at $ 1.8k levels, MEG/EAF basis 35kmt at w195 levels, cross MEG high300k-low400k and MEG/Red Sea firm at 900k levels respectively.
Meanwhile the Atlantic slowed down and since last week a surplus of tonnage eventually pushed rates about 10-15 points down across the board due to lack of demand. We assess USG/Europe basis 38kmt at w105 levels, Cont/T-A at w175-w180 levels basis 37kmt and Cont/WAF at w195 respectively. On the other hand, cross UKC Handies remained stable at w205 basis 30kmt. Moving on to the MED, we experience more activity, which is driving rates for cross MED up to w250-260 levels due to tight tonnage lists and allows Owners to push for more.
Owners believe that MR market will further firm up or at least will stay sta-ble, taking under consideration long T/C contracts during the past months, ranging from $17k to mid-high18k levels for 6mos, 1 year or more.
The LR market has witnessed signs of increased activity East of Suez and in the Far East accordingly, which drove the market to remarkable higher levels especially on the LR2 segments. MEG/Japan reached w140 levels basis 75kmt naphtha, MEG/UKC jet fuels reached at $ 3.3m levels and due to tight tonnage we even noticed WAF ballasters sailing towards the MEG in order take advantage of the stronger market there. On the other hand the western LR2 market is also witnessing healthy demand on naphtha from West to East, assessing at $ 3.2m levels loading from UKC to Japan. Unsurprisingly the Far East backhaul cargoes for LR2 jumped to 700k levels for the ex-Korea to Singapore area and to mid-high600k levels for the LR1 respectively.
Despite the semi-tight LR1 tonnage list in the MEG, somehow owners held back expecting a boost on rates as a spillover from the LR2 rally, which eventually was the case. We noticed a progressively increase of about 5 to 10 points basis 55k naphtha for MEG/Japan at w155-160 levels, while jet deliveries to UKC basis 60kmt at 2.7m levels and Korea/UKC assessed at 2.85m respectively.
Over in the West, we also noticed a slower demand over the last week and eventually rates moved down to w140-145 levels for UKC to WAF basis 60kmt and the traditional 60kmt USG to Europe to around w97.5 levels respectively. As we expect more ballasters from USWC or USAC to be attracted to the MEG, it seems that more lucrative rates will be required for cargoes with eastern destination.
In conclusion, the CPP market seems positive in the short term, with expected ups and downs depending on tonnage supply and cargo demand. Taking also under consideration the limited fleet growth for 2015 and the still unresolved situation in both Libya and Iran, it seems that the following few months, healthy rates will keep prevailing in the market.
By George Vastardis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Tuesday, 20 October 15
API 5 FOB NEWCASTLE COAL SWAP CLOSED NEGATIVE
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $1.23 per ton (2.86%) month over month to US$ 41.80 per ton. The ...
Monday, 19 October 15
RUSSIA MAJOR COAL MINER KRU CUTS 4.5 MLN T/YR "UNPROFITABLE" EURO SALES - JACQUELINE HOLMES
COALspot.com: Kuzbassrazrezugol (KRU), one of Russia's largest producers of high-quality coal, plans to cut its coal exports in 2016 by about 4 ...
Monday, 19 October 15
CFR SOUTH CHINA COAL SWAP CLOSED AT $48.68 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 55 (1.12 %) per ton month over month.
A commodity ...
Monday, 19 October 15
KOMIPO SEEKS 1.28 MILLION T/Y COAL FOR DEC 2015 - Q2 2016
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,280,000 Metric Tons (MT) of minimum 4,600 kc ...
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- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- VISA Power Limited - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
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