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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, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
Monday, 17 August 15
CFR SOUTH CHINA COAL SWAPS CONTINUE TO HEAD SOUTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 40 (1.05%) per MT month over month.
A commodi ...
Sunday, 16 August 15
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO STEADY NEXT WEEK
COALspot.com: The BDI softened 12.08 per cent to 1055 points this week due to weakening of cape index which was fell 25 per cent week over week to ...
Friday, 14 August 15
FOB INDONESIA COAL SWAP SHOWING NO MOVEMENT THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Friday, 14 August 15
U.S. COAL PRODUCTION UP 2.9 PER CENT THIS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.2 million shor ...
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- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
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