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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, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
Tuesday, 11 August 15
GLOBAL PRODUCTION OF CRUDE STEEL REACHED A NEW ALL-TIME HIGH OF 1,661M TONNES IN 2014 - VDKI
COALpot.com: Global production of crude steel reached a new all-time high of 1,661m tonnes in 2014, said German Coal Importer Association, in its l ...
Tuesday, 11 August 15
2016 CFR S.CHINA COAL SWAPS CLOSED SLIGHTLY HIGHER THAN 4Q 2015 CLOSING PRICES; BUT NOT SIGNIFICANT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 10 (0.20%) per MT month over month.
A commodi ...
Monday, 10 August 15
SOUTH KOREAN UTILITY KOMIPO INVITES BITUMINOUS COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 560,000 Metric Tons (MT) of 4,600kcal/kg NAR c ...
Sunday, 09 August 15
THE PANAMAX MARKET HAS REMAINED WEAK THIS WEEK
COALspot.com: The freight market continued to be buoyant with cape index pushing the BDI.
The BDI was up 10.49% and closed at 1200 points on 7 ...
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- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- White Energy Company Limited
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
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