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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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Friday, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
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- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- VISA Power Limited - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
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