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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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Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Planning Commission, India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
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