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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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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
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