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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, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
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- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
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