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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, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
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$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
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