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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, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
Tuesday, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
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- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
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