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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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Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
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