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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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Sunday, 18 October 15
THE BDI AND OTHER INDICES CLOSED OFF ON NEGATIVE NOTE THIS FRIDAY
COALspot.com: The BDI closed off on negative note this Friday compared to previous Friday's closing.
The BDI closed this Friday (16 Octobe ...
Friday, 16 October 15
MAJOR REVISION OF NYPE TIME CHAPTER PARTY - BIMCO
Major revision of NYPE time charter party promises to be both balanced and comprehensive
BIMCO has today jointly issued the first revision of ...
Friday, 16 October 15
FOB INDONESIA COAL SWAP FOR Q4'15 DELIVERY FLAT WEEK OVER WEEK; DOWN 5.5 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and flat week over week.
The Q4 swap declined $ 2.23 (-5.51%) ...
Friday, 16 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK; DOWN 11.3 PER CENT Y-Y, DOWN 3.5 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.1 million shor ...
Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its ...
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- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
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