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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, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
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- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
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