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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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Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, w ...
Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
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- Edison Trading Spa - Italy
- Australian Coal Association
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
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