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