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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, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
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- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
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