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