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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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Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 v ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
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$ ...
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- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
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