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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, 19 August 15
FOB INDONESIA COAL SWAPS CONTINUE FLAT TREND LINE THIS WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and flat week over week, this past week.
The 4Q swap was decli ...
Tuesday, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
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- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- VISA Power Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- The University of Queensland
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
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