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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, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
Friday, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
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- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Central Electricity Authority - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
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