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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, 07 August 15
COAL PRICE DEVELOPMENTS CAN ONLY BE DESCRIBED, SUCCINCTLY AS "OVERSUPPLY MEETS SUBDUED DEMAND" - VDKI
Coal Outlook 2015 – International
Regarding the outlook for global coal trading, two questions arise: firstly, “ whether the years of ...
Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
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- Parliament of New Zealand
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
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