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