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