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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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- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
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