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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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Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
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- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Economic Council, Georgia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Videocon Industries ltd - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
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